The Euro managed to hit a few pips above the resistance of 1.1560 which could lead to another advance. As we see from the chart, prices face support around 1.1470-80 while as long as the market holds above it, the advance may could continue towards 1.1685 and above.
Current Setup The latest US CPI report did not deliver a major surprise for financial markets, with both the headline and core inflation prints meeting expectations. The consensus forecasts for the July US CPI had been for headline CPI to come in at 3.4% YoY (prior 3.5%), while the core CPI was expected at 2.5% year-on-year (prior 2.6%).
EUR/USD Price Forecast: Biding its time near 1.1550, awaiting US CPI numbers
At the time of writing, the EUR/USD was struggling to find a clear direction. Hardly a surprise, truth be told, ahead of such an important data release.
Euro: Soft US CPI could support gains against US Dollar – ING
DXY, EUR/USD and GBP/USD trade near key technical levels as markets await U.S. CPI for fresh clues on inflation and the Fed's September policy outlook.
The euro and pound are holding their ground against the US dollar, although the momentum in European currencies has become more subdued following their previous gains. Market participants are reluctant to establish new positions ahead of the release of the July US inflation report, which could alter expectations for the Federal Reserve's future policy.
Euro: Upside capped by key resistance against US Dollar – UOB
Euro trades with caution against US Dollar in countdown to US CPI data
Crude oil and bond markets are flashing warning signs for risk assets. Yet, investors seem remarkably relaxed.
Euro: Consolidation holds in mid 1.15s against US Dollar – Scotiabank
Euro: Gradual appreciation path against US Dollar – Commerzbank