The pair is consolidating in a narrow range in anticipation of the release of data from ZEW for Germany in the Eurozone, as well as updated values of consumer inflation in the US.
The price is below the middle Bollinger band, below EMA 5 and SMA 14. RSI moves horizontally along the level of 50% and uninformative. Stoch turned down.
If inflation data in the US come weaker than forecasts, and the ZEW Institute’s, on the contrary, higher, the pair can break out of the figure of "descending flag" up and rush to 1.1280. At the same time, the reverse pattern will cause the price to fall to 1.1115 after it breaks out of the figure down.