The greenback has paused its
recent rally ahead of the core U.S. Consumer Price Index (CPI) data today. Signs of above target numbers may push
FOMC to take more
aggressive approach on monetary
policy.
US inflation is the key event for today and EUR/USD has turned on wait and see mode. The pair is trading undisturbed around 1.1880. On the four hour time frame the price is developing below its bearish moving averages and currently is trying to break to above the 20-day SMA. RSI and stochastic had retreated from their oversold areas and both are showing good upward strength although are yest below their mid-lines.
EUR/USD might generate a rebound, according to indicators on the same chart, but only if advancing above 1.1900. Then this could be considered as a corrective recovery with next targets 1.1950 and the psychological 1.1200 mark. On the other hand the pair stands at risk for further declines with a break and close below the 1.1810 - 1.1790 area.
US inflation is the key event for today and EUR/USD has turned on wait and see mode. The pair is trading undisturbed around 1.1880. On the four hour time frame the price is developing below its bearish moving averages and currently is trying to break to above the 20-day SMA. RSI and stochastic had retreated from their oversold areas and both are showing good upward strength although are yest below their mid-lines.
EUR/USD might generate a rebound, according to indicators on the same chart, but only if advancing above 1.1900. Then this could be considered as a corrective recovery with next targets 1.1950 and the psychological 1.1200 mark. On the other hand the pair stands at risk for further declines with a break and close below the 1.1810 - 1.1790 area.
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