EUR/USD Support Structure Ahead of CPI, ECB
EUR/USD sellers have stalled ahead of a re-test of the 1.1000 level, which notably hasn't been tested as support since the breakout last month.
The next week will be particularly interesting as tomorrow's US CPI report leads into Thursday's ECB, and then the week after brings the Fed with their first expected rate cut of this cycle.
The 1.1000 level is obviously key but there's another notable level below that at 1.0943. This is the 50% mark from the same Fibonacci retracement that set the high last year at the 61.8%, and the low so far this year at the 38.2%.
If there is a breach of 1.1000 this becomes a possible spot for a bounce and depending on the way those drivers hit, could be an opening door for bulls. - js
The next week will be particularly interesting as tomorrow's US CPI report leads into Thursday's ECB, and then the week after brings the Fed with their first expected rate cut of this cycle.
The 1.1000 level is obviously key but there's another notable level below that at 1.0943. This is the 50% mark from the same Fibonacci retracement that set the high last year at the 61.8%, and the low so far this year at the 38.2%.
If there is a breach of 1.1000 this becomes a possible spot for a bounce and depending on the way those drivers hit, could be an opening door for bulls. - js
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