EUR/USD remains supported after CPI data
- U.S. CPI was released at .2% (YoY)
- The EUR/USD remains supported over 1.0639
- Range resistance is found at 1.0731
(Created using TradingView Charts)
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The EURUSD has been trading at support this morning, but despite better than expected CPI data out of the U.S. the pair has been unable to breakout lower. Expectations for this morning’s event were set at .1% (YoY) and were released at .2%. The US Dollar rallied against most major pairs, but the EUR/USD has not yet breached the S4 pivot point, which is found today at a price of 1.0639. Even though prices have initially failed to breakout lower, traders looking for a resumption of the EUR/USD’s downtrend below the S4 pivot can begin targeting 1-x extensions of today’s 46-pip range towards a price of 1.0593.
Currently the EUR/USD remains supported above the S3 pivot found at 1.0662. If prices begin to bounce, traders may begin looking for a retracement towards values of resistance. This includes the R3 range resistance pivot, which resides at 1.0708. If prices remain between these points, traders may select to continue to trade the current range bound market conditions. Alternatively, in the event of a price advance through the R3 pivot, traders will watch for bullish breakouts above 1.0731. A price reversal to this point would be significant as it would be the first bullish breakout in the last three trading sessions. A 1-x extension of today’s range over the R4 pivot places bullish EUR/USD targets at 1.0777.
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