EUR/USD has jumped higher managing to reach the 1.2169 level due to USDX’s sell-off. Still, the pair has slipped lower and now is traded at 1.2135 level signaling that the bulls are exhausted in the short term.

Surprisingly or not, EUR/USD drop even if the Euro-zone ZEW Economic Sentiment increased from 58.3 to 69.6 points, while the German ZEW Economic Sentiment has registered an important growth from 61.8 to 71.2 beating the specialists’ expectations.

You should know that the US is to release medium and high-impact data starting tomorrow, such as the Retail and Core Retail Sales, Industrial Production, Capacity Utilization Rate, Unemployment Claims, Building Permits, Housing Starts, Flash Manufacturing PMI, and Flash Services PMI.

Good US figures could help the USD to take full control again versus all its rivals and not only against Euro.

EUR/USD has continued to increase after retesting the descending pitchfork’s median line (ML). It was almost to reach the 23.6% Fibonacci level and the R1 (1.2172) static resistance but the USDX’s current rally sent the pair down again.

The selling pressure remains high as long as it stays below the black descending pitchfork’s upper median line (UML). Failing to reach it could bring a strong sell-off. Technically, dropping and stabilizing under the 38.2% retracement level and below the median line (ML) could represent a selling opportunity. Coming back under the ML signals a deeper drop towards 1.19.

We could consider going long if EUR/USD will register a valid breakout above the upper median line (UML) and if it jumps above 1.22 psychological level. Such an upside breakout will definitely suggest a further growth towards 1.24.