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The price of EURUSD fell after the US CPI number came in above expectations. Could the price trade lower?

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EURUSD Analysis

The EURUSD fell on US CPI news which saw CPI month on month increase from 0% to 0.1%. Core CPI also rose from 0.3% to 0.6% this directly affects inflation. If inflation rises the Federal Reserve will need to act more aggressively in future meetings. The chances of a 75bps to 100bps move in the next meeting would have gone higher after this data which should see the USD strengthen further.

EURUSD

Price recently traded to the key weekly trendline resistance, this trendline has held resistance for a number of weeks as price continued to trend lower. This level held confluence with a monthly level of resistance formed from the monthly volume profile. The price has now traded back through the monthly value area low which could also suggest the market is likely to trade even lower, with key support resting at the lows of 0.9900. The daily volume profile shows the price has formed a volume gap due to the price trading through the area quickly. Often the price can fill this area before continuing in the trend direction.

Did you see our GBPJPY Analysis? You can see it here.

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