World news – EUR / USD Forex Signal: Bullish Flag indicates higher breakout

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The pair could rally in the short term if bulls attempt to move above the resistance at 1.2143.

EUR / USD is barely changing as traders digest recent EU and US economic data and look forward to the ongoing economic talks. The pair is trading at 1.2120, which is where it ended the week.

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Last week the EUR / USD reacted to several key economic figures from the US and the EU. The US released housing starts, new home sales, and retail sales. It also provided relatively poor data on initial jobless claims.

On Friday, we received robust PMI numbers for manufacturing and service from both sides. In the US, the PMI for manufacturing declined from 59.2 to 58.9, while the PMI for service increased from 58.3 to 58.9. Similarly, the two PMI in the European Union rose to 57.7 and 48.1 respectively.

This week the economic calendar will be relatively subdued. Today the Ifo Institute publishes the current business climate and current evaluation data from Germany. In general, economists expect better numbers if the vaccination process continues.

On Tuesday Eurostat will publish the latest inflation figures for the European Union. Economists expect the data to show that January headline CPI rose 0.9%, while core CPI rose 1.4% in January. Other notable numbers from Europe will be the services and industrial sentiment numbers to be released on Thursday.

EUR / USD will respond to US GDP and durable goods data to be released on Thursday. It will also respond to the latest consumer confidence data from the conference committee and a speech by Jerome Powell.

The hourly chart shows that EUR / USD has fluctuated over the past few hours. The pair is at the same level as the 25 and 15 period weighted moving averages. In particular, it appears to be forming a bullish pennant pattern that is depicted in red. Therefore, if bulls attempt to move above resistance at 1.2143, the pair may bounce back in the short term. However, an interruption below 1.2100 invalidates this trend.

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Ref: https://www.dailyforex.com