The US dollar rebounded in the short term. That’s why the currency pair slipped lower. However, the greenback remains sluggish as the US Flash Services PMI dropped from 51.7 points to 50.9 points, though the traders had expected a potential growth of 52.0 points, confirming a slowdown in expansion. Meanwhile, Flash Manufacturing PMI dropped unexpectedly from 51.9 to 49.9 points, announcing contraction again in this sector.
Technically, the EUR/USD price rallied after invalidating the breakdown below the weekly pivot point of 1.0647. It has jumped above the descending pitchfork’s median line (ml) and the R1 of 1.0694. These represented upside obstacles, and the price tried to confirm the breakout by retesting these levels.
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The EUR/USD price touched 1.0714 today, registering a new weekly high. However, the pair failed to stay above the 1.07 psychological level and is now trading at 1.0686 at the time of writing.
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