EURUSD Technical Analysis View/ Trade plan
-Today the EURUSD pair depicted a sharp fall amidst a roll back in expectations of rate cut after an unexpected rise in US consumer inflation.With the fears of high inflation still looming, the pair came under pressure after the US Core CPI rose by 0.4% on m-o-m basis against expectations of 0.3%.
- The pair today breached an important support area of 1.07250-1.07300 turning the overall pair enter into a negative territory. The pair is in a bearish mode and immediate support is around 1.07000. Then next support area is 1.06550. We can expect some upside correction before these levels are breached.
- If prices are able to hold todays low 1.07007, we can expect some bounce towards 1.07500.
- Sell on rally remains a broad strategy.
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