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EURUSD Price Analysis: Bears are gaining control of the price

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EURUSD Price Analysis: Bears are gaining control of the price

On Friday, the NFP data pushed the EUR/USD price up to 1.1155. However, after the market absorbed the news, the price moved down again. Several factors contributed to this decline, one of which is the upcoming CPI inflation data release on Wednesday, September 11.

The market expects US inflation to come in at 2.6%, down from 2.9% the previous month. This has led to speculation about the FOMC’s next move and potential rate cuts. Given the bearish price reaction, I anticipate EUR/USD to continue its downward trend ahead of the US CPI data.

The price could drop tomorrow to 1.1030, where it will encounter the first and strongest support zone. A move below 1.1030 should push the price down further; otherwise, it may rise again.

You may find more details in the chart!
Thank you and Good Luck!

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🚨EURUSD
🎯It move 40 pips down from the analysis posted last night 😁
Be careful as it will be more complex if it's not yet.