Yesterday’s US inflation data came out better than forecasts; the core CPI for June fell from 5.3% YoY to 4.8% YoY, the overall CPI fell by 1.0% – from 4.0% YoY to 3.0% YoY. The euro surpassed the April peak and closely approached the target level of 1.1155.
Now the price has revived the uptrend from September 25, 2022. After overcoming 1.1155, the next target will be 1.1222 (the support level from December 7-15, 2022).
The pair may not surpass the 1.1155 mark today, but after a slight pullback to the nearest support level of 1.1085. The reason may be the slowdown in the growth rate of industrial production in the eurozone – the forecast for May is -1.1% YoY against 0.2% YoY in April.
On the four-hour chart, the signal line of the Marlin oscillator has left the consolidation and moved upwards, and immediately into the overbought territory. This is also a sign of an impending pullback before the price rises further.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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