- EUR/USD tested and bounced-off support
- German Preliminary CPI m/m
- U.S. Interest Rates
Price Movement
Since yesterday, EUR/USD has been moving within a 40pips range.
Trend
Overall, EUR/USD is trending downwards.
Macro Background
The Consumer Price Index (CPI) measures the change in the price of goods and services purchased by consumers.
The German Preliminary CPI is expected to perform worse than previous month. If the data released is worse than expected, we may be seeing a decent weakening in Euro since Germany is the highest contributor of GDP to Europe, thus having a higher impact to Euro as compared to other European nations.
With the recent U.S. government shutdown, the U.S. Federal Funds Rate is expected to maintain at 2.50%. If it is released at a different figure, expect high volatility and price movements. Nonetheless, many will be looking out for hints in the FOMC statement on when the next rate hike may be and how many hikes will be made this year.
Important Issue
None.
Technical
Yesterday, EUR/USD tested and bounced-off the support level of 1.14138.
Price Levels
Current Price: 1.14309
Next Resistance: 1.14781
Next Support: 1.14138
Free trading community: discord.gg/b7X35tDD4T