EURUSD manages to keep past two days gains and run through the first resistance 1.1620 but fail to close above. Once again it will be quiet regarding market-moving data releases, and that will leave investors’ primary focus to today’s US PPI and Friday’s CPI. The US data release CPI is the catalyst EURUSD this week.
We expect the MoM inflation is reading to print an uptick above 0.2% from 0.1%in June and on an annual basis, it will tick to 3% from 2.9%.
Read: EURNZD forecast
Early this week, the price dropped to the lower end of the range and rebound to the first resistance seems to be at 1.1620. For intraday, a move above 1.1630 needed to rally further to 1.1650 and 1.1670. Supports are at 1.1600 and 1.1570. As we pointed in our Tuesday’s note, the price held the Corrective C wave point and run through the first target.
We anticipate the price could hold the 1.1530-1.1500 zone ahead of the US catalyst. A daily close below 1.1500 would expose to the immediate support finds at 1.1450.
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