Are you trading EURUSD? ADS Securities present their Post - EU CPI EURUSD trading outlook. What is your forecast for the Euro pair?
17 July, ADS Securities – The Euro traded higher against the US Dollar in Friday’s session, after the US consumer price inflation (CPI) came in below market estimate for the fourth consecutive month in June, diminishing prospects of another interest rate hike this year.
Post - EU CPI EURUSD trading outlook
As of now, the pair is trading with a slightly negative bias on the 1H chart, ahead of the Eurozone CPI data to be released later today. Moreover, the MACD indicator has witnessed a signal line crossover from above, further reflecting the bearish technical outlook.
Key support resides at the 1.1435 level where EMA 55 is located, followed by the 1.1405 where EMA 200 is trading and 1.1380 levels. A move back below the latter might lead to bearishness in the pair. Conversely, key near term resistance is situated at the 1.1475 level, followed by the psychological 1.1500 and 1.1530 levels.
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