EUR/USD Price Analysis: Gets set for a volatile action.

EUR/USD is showing topsy-turvy moves, following the footprints of the subdued USD Index.EUR/USD is auctioning in a symmetrical triangle pattern near the edge of the upward-sloping trendline plotted from 1.0714.

The EUR/USD pair is displaying topsy-turvy moves around 1.0960 in the early European session. The major currency pair is failing to show any decisive move amid lackluster performance by the US Dollar Index (DXY). Investors should be prepared for a power-pack action ahead of the release of the preliminary S&P PMI data.

S&P500 futures have turned negative after headlines from a leaked US Intelligence report that China is building sophisticated cyber weapons to “seize control” of enemy satellites, rendering them useless for data signals or surveillance during wartime, as reported by Financial Times. This could further impact the risk appetite of the market participants.

EUR/USD is auctioning in a Symmetrical Triangle chart pattern near the edge of the upward-sloping trendline plotted from March 24 low at 1.0714. A Symmetrical Triangle formation indicates a sheer contraction in volatility, which is followed by a breakdown in the same.

For the time being, the 21-period Exponential Moving Average (EMA) at 1.0960 is providing a cushion to the Euro bulls.The Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, indicating a consolidation ahead.

Going forward, a break above the psychological resistance of 1.1000 will drive the asset to a fresh annual high at 1.1068, followed by the round-level resistance at 1.1100.On the flip side, a downside move below April 12 low at 1.0915 will drag the asset toward April 10 low at 1.0837 and April 03 low at 1.0788.

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