EUR/USD Poised for Bullish Breakout Amid Weakening USD and CPI

Sep 11

EUR/USD Technical Analysis:

Current Outlook: EUR/USD is currently consolidating around the pivot level of 1.1000, with a potential bullish scenario on the horizon, especially with today’s anticipated inflation data, which is expected to show a weakening USD with a CPI result of around 2.5%. This could drive EUR/USD higher in the near term.

Best Scenario: A bullish trend is more likely if the price stabilizes above the pivot line. A continued uptrend could lead the price toward the resistance levels at 1.1129 and 1.1168. The weakening USD from the inflation report supports this scenario.

• Key Levels:
  Pivot Line: 1.1036
  Resistance Levels: 1.1129, 1.1168, 1.1240
  Support Levels: 1.0949, 1.0913, 1.0861
  
  
• Expected Range Today:
  The price is likely to move between 1.0949 and 1.1168, with a bullish bias.
  
  
• Overall Trend: The overall trend is expected to be bullish, especially if the price remains above the pivot point at 1.1000. A weaker-than-expected CPI for the USD will reinforce this upward movement, making the uptrend the stronger scenario.

Sep 16

Trade closed: target reached

EURUSD
Update

the price pushed up about 110 pip and now should break 1.1130 to be a bullish trend toward 1.1168 and above it at 1.1240

otherwise, stability under 1.1129 will be a bearish trend again toward 1.1070 and 1.1000