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EUR/USD Update: Assessing Bullish Momentum and Risk Factors

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As the new trading week kicks off, the EUR/USD pair finds itself in a sideways movement, hovering around the 1.0660 mark. Last week, market participants witnessed a potential bullish momentum, sparked by several technical signals indicating a shift in sentiment.

One notable signal was the recognition of a bullish impulse originating from the 78.6% Fibonacci retracement levels, coupled with oversold conditions observed in stochastic indicators. This convergence of technical indicators often suggests a potential reversal or continuation of a trend. Adding to the bullish case, a Gartley formation and divergence patterns were also identified, further bolstering the optimism among traders.

However, amidst these technical signals, the absence of significant economic data releases leaves the pair vulnerable to fluctuations in risk sentiment. The valuation of the US Dollar (USD) could be influenced by market perception of risk, particularly as traders await key economic indicators scheduled for release later in the week.

Tomorrow's agenda includes crucial economic data from the United States, notably the Flash Manufacturing PMI, Flash Services PMI, New Home Sales, and the Richmond Manufacturing Index. These releases have the potential to sway market sentiment and dictate the direction of the USD.

Furthermore, the performance of US stock index futures provides insights into market sentiment. Futures indicate a positive opening for Wall Street, with gains ranging between 0.3% and 0.5%. A continuation of this positive momentum on Wall Street could exert downward pressure on the USD, consequently supporting further upside potential for the EUR/USD pair.

Beyond economic data releases, market participants will also keep an eye on developments in Europe. The European Commission is set to release preliminary Consumer Confidence data for April, offering insights into the sentiment among European consumers. Additionally, European Central Bank (ECB) President Christine Lagarde is scheduled to deliver a speech during American trading hours, potentially providing clues about the ECB's monetary policy stance and its impact on the Euro.

In conclusion, the EUR/USD pair navigates a consolidation phase near 1.0660, buoyed by technical signals indicating a possible bullish reversal. However, the pair remains sensitive to shifts in risk sentiment and awaits crucial economic data releases to determine its next directional move. With eyes on both sides of the Atlantic, traders brace themselves for a week filled with potential market-moving events.