The price has increased sharply today and has jumped much above the 1.0750 psychological level, has also broken above an important static resistance, however, remains to see if we’ll have a valid breakout, or the price will fall again. Personally, I believe that will increase further in the coming days if the USDX will stabilize below the 100.39 static support level. The price has decreased in the early morning and has reached fresh new lows, has decreased below the 1.0525 previous low, has opened with a gap down, but the gap was closed and the price has resume the bullish momentum.

The Euro has increased despite the Euro-zone mixed data, the Spanish Services PMI have come in line with expectations, was reported at 55.1 in November, but lower than the 54.6 since October, signalling that the expansion has slowed down, while the Italian Services PMI indicator has increased unexpectedly, from 51.0 to 53.3 points. The French Final Services  PMI has fallen from 52.6 to 51.6 points, even if the estimate was 52.6 points, while the German Final Services PMI rose from 55.0 to  55.1 points.

Unfortunately the Euro-zone Services PMI has decreased from 54.1 to 53.8 points, despite the 54.1 estimate, the Sentix Investor Confidence has disappointed as well, was registered at 10.0 points, lower than the 14.7 estimate.

You can see that the price has broken above the median line (ml) of the descending pitchfork, but remains to see if will have enough directional energy to close above the dynamic resistance . The rate was expected to increase these days after the failure to stabilize below the lower median line (lml) of the descending pitchfork, has also failed to close below the 1.0521 static support. I want to remind you that the price could drop again if the Federal Reserve will hike the rate in December 14, however, another delay will force the USD to drop sharply in the coming weeks, so most likely will have a clear direction after the FOMC meeting. The pair could approach also the upper median line (uml) of the descending pitchfork if the rate will close today above the median line (ml).