EUR/USD bulls eye move to 1.09
The euro has posted a solid rally from its June low. A small consolidation formed above the 200-day averages, and momentum is turning higher.
With US data rolling over and the likelihood that the ECB are in no position to signal a cut next week, the path of least resistance could be higher for the euro. Today's US inflation report is a key event for the pair, where we suspect core inflation could surprise to the downside to weaken the US dollar and support EUR/USD.
Dips towards 1.0806 / 1.0820 seem favourable for bulls seeking a swing trade long. 1.0880 is the initial target near a weekly VPOC and 1-day implied volatility band.
With US data rolling over and the likelihood that the ECB are in no position to signal a cut next week, the path of least resistance could be higher for the euro. Today's US inflation report is a key event for the pair, where we suspect core inflation could surprise to the downside to weaken the US dollar and support EUR/USD.
Dips towards 1.0806 / 1.0820 seem favourable for bulls seeking a swing trade long. 1.0880 is the initial target near a weekly VPOC and 1-day implied volatility band.
Trade closed: target reached
A textbook breakout from a continuation saw EUR/USD rise to our 1.09 target after US CPI data was released.
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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.