#EURUSD has now broken the highs after the US CPI data. Could this offer us long opportunities?
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The US CPI data came in above forecasts but below previous which sparked a sell off of the USD. The USD Index broke out of the range lows which caused the EURUSD to break through its range highs. This could offer long opportunities as the price looks to retest the major swing levels of 1.1500 to 1.1600.
The weekly chart shows the price in a strong downward trend but in a retracement phase. In a weekly downtrend retracement phase the market forms a bullish trend on a lower time frame such as the 4hr. The 4hr has formed a new higher high which can offer an opportunity on the retest of the breakout area. If the price retests the key highs and forms bullish price action we can look for potential long opportunities to the key resistance.
Do you trade USDCAD? see our previous analysis here.
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