Euro Bulls Takes Over U.S. Dollar Bears, Eyes On CPI
FxGrow | Nov 15, 2017 06:05
EUR/USD bulls were highly occupied yesterday with 143-pips price action and 1.1805 high. Today, the pair extended the upward destination and clocked 1.1852 high, and is currently trading 1.1836 intraday.
Apparently, comments yesterday by Fed president James Bullard indicating that the current interest rate level will likely remain over the near-term weighed negatively on the DXY, which lost $1.10 value since yesterday and a broke daily rising trend line, closing below it.
The market is currently in action, but suspense will increase shortly as U.S. releases multi-inflation figures, with CPI and Core CPI in focus. Today's data is vital. It will re-shape the odds of a potential December interest hike by the Fed.
EUR/USD Technical Overview:
Closing price: 1.1797
Target price: 1.1934
Resistance levels: 1.1880, 1.1934*
Support levels: 1.1781 , 1.1731
Trend: Up
Comment: Yesterday's upward surge triggered a short-term bottoming upturn and projected a drive to 1.1934*. Trade is poised for continuation rallies today. Any corrections that hang in the upper half of yesterday's upturn should bull flag. Only a close under 1.1731* will stop the upswing and warn of corrective congestion along 1.1700+/-.
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