EUR/USD reacts to US CPI

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The EUR/USD was declining from the resistance zone at 1.0940 and was approaching the 1.0860 level, as the US Consumer Price Index data was released at 12:30 GMT. The data revealed a 1.2% monthly inflation and signaled that the US Federal Reserve has to immediately tighten US Monetary Policy.

The EUR/USD reacted to the news by surging up to the 1.0900 mark. Afterwards, by 13:30 GMT, the rate had declined and was expected to reach for the support of the 1.0840 mark.

If the pair passes below 1.0840, the currency rate might look for support in the 1.0800 level and the weekly S1 simple pivot point at 1.0789. Further below, note the 1.0700 mark and the weekly S2 simple pivot point at 1.0704.

However, a potential bounce off from the support of the 1.0840 level could encounter resistance in the 50 and 100-hour simple moving averages near 1.0885, before reaching the weekly simple pivot point at 1.0922 and the resistance zone at 1.0925/1.0940.
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Tue, 12 Apr 2022 13:41:26 GMT

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