EURUSD Technical Analysis: Preparing for CPI and FOMC Impact.
Hello Traders, In tomorrow's trading session, our focus will be on the EURUSD pair as we seek a selling opportunity around the 1.08 zone. Previously, EURUSD was experiencing an uptrend and successfully broke out of it. However, it is currently undergoing a correction phase and approaching the retrace area at the 1.08 resistance zone. It is important to also keep an eye on the CPI data scheduled for release next week, specifically on Tuesday. This data will serve as confirmation for the trade. If the CPI comes in above expectations, it suggests that the Federal Reserve still needs to work on increasing interest rates in their upcoming monetary policy by Wednesday, which could trigger further strength in the US dollar. On the other hand, if the CPI numbers are within expectations, this may lead to USD weakness as Federal Reserve Chair Powell may lean towards postponing a rate hike. Let's monitor the situation closely and trade wisely.
Trade safe, Joe.
Trade safe, Joe.
Join our telegram Channel for daily market updates t.me/JoeChampionChannel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.