The EUR/USD moves in range on the short term and need a spark to be able to start a significant movement. Actually, the rate has developed a symmetrical triangle, so we have to wait for a valid breakout to see the direction.

The pair may increase further and the sideways movement could be considered an accumulation. This scenario will take shape only if the USDX will slip lower after the minor rebound.

I want to remind you that the USDX is under pressure after the failure to make new highs and to reach some very important resistance levels. The dollar index erased the morning gains and now is trading in the red again.

The Euro-zone and the US data could bring some action on the EUR/USD later. The Current Account could drop from 37.6B to 32.3B in February, a larger drop could force the Euro to drop further. The greenback needs strong support from the US figures today, otherwise will depreciate further.

The US Unemployment Claims could decrease from 233K to 230K, the Philly Fed Manufacturing Index could decrease from 22.3 to 20.8 points, while the CB Leading Index could increase by 0.3%.

The dollar index could drop towards the 89.00 psychological level in the upcoming hours if the US data will disappoint.

Price moves within a symmetrical triangle on the daily chart. A breakout is favored after the failure the failure to reach and retest the lower median line (lml) of the ascending pitchfork. You should know that a breakout above the upside line of the chart pattern will not be enough, only a valid breakout above the 50% Fibonacci line (ascending dotted line) will confirm a further increase in the upcoming weeks.

A selling opportunity will appear if the rate will breakdown from the mentioned symmetrical triangle.