EUR/USD has increased today, but it has failed to make new highs and now is has shown some exhaustion signs after the US data release. It is trading in the green on the Daily chart, but is still trapped below a very important dynamic resistance.

The perspective remains bullish on the short term as long as the rate continues to stay above a dynamic support. However, we still need a confirmation that the rate will jump much higher. The USD has increased a little right after the US numbers were sent to the public. The Current Account was reported at    -101B versus a -104B estimate and compared to the -124B in the former reading period. The Housing Starts indicator has increased unexpectedly, from 1.17M to 1.28M, beating the 1.24M estimate. Unfortunately, the Building Permits dropped from 1.31M to 1.23M, even if the specialists have expected to see the indicator steady at 1.31M.

On the other hand, the Current Account decreased from 23.8B to 21.3B, much below the 22.4B estimate. The ECB President Draghi wasn’t able to boost the Euro today. It remains to see how the rate will react tomorrow because the US will release some very important data.

The rate has increased, but it has failed to reach the upside 50% Fibonacci line of the minor ascending pitchfork. It continues to stay above the downside 50% Fibonacci line of the descending pitchfork. The perspective remains bullish as long as the rate stays above the median line (ml) of the minor ascending pitchfork.

You should know that a valid breakdown below the median line (ml) will confirm a potential drop. However, a valid breakout above the upside 50% Fibonacci line of the ascending pitchfork will confirm a further increase. Maybe will be better to stay away and wait for a fresh trading signal.