EUR/USD Poised for Bullish Breakout Amid Weakening USD and CPI
Updated
EUR/USD Technical Analysis:
Current Outlook: EUR/USD is currently consolidating around the pivot level of 1.1000, with a potential bullish scenario on the horizon, especially with today’s anticipated inflation data, which is expected to show a weakening USD with a CPI result of around 2.5%. This could drive EUR/USD higher in the near term.
Best Scenario: A bullish trend is more likely if the price stabilizes above the pivot line. A continued uptrend could lead the price toward the resistance levels at 1.1129 and 1.1168. The weakening USD from the inflation report supports this scenario.
Current Outlook: EUR/USD is currently consolidating around the pivot level of 1.1000, with a potential bullish scenario on the horizon, especially with today’s anticipated inflation data, which is expected to show a weakening USD with a CPI result of around 2.5%. This could drive EUR/USD higher in the near term.
Best Scenario: A bullish trend is more likely if the price stabilizes above the pivot line. A continued uptrend could lead the price toward the resistance levels at 1.1129 and 1.1168. The weakening USD from the inflation report supports this scenario.
- Key Levels:
Pivot Line: 1.1036
Resistance Levels: 1.1129, 1.1168, 1.1240
Support Levels: 1.0949, 1.0913, 1.0861 - Expected Range Today:
The price is likely to move between 1.0949 and 1.1168, with a bullish bias. - Overall Trend: The overall trend is expected to be bullish, especially if the price remains above the pivot point at 1.1000. A weaker-than-expected CPI for the USD will reinforce this upward movement, making the uptrend the stronger scenario.
Trade closed: target reached
EURUSD
Update
the price pushed up about 110 pip and now should break 1.1130 to be a bullish trend toward 1.1168 and above it at 1.1240
otherwise, stability under 1.1129 will be a bearish trend again toward 1.1070 and 1.1000
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