The USD has taken the lead again since yesterday and it seems heavy enough to reach new lows. The US inflation data has come in line with expectations, the CPI and Core CPI rose by 0.2% in September.
Better than expected PPI and Core PPI data today could help the greenback to resume its appreciation versus its rivals. On the other hand, the Euro was weakened by the Euro-zone and German ZEW Economic Sentiment.
- EUR/USD Rejected By 1.18 Psychological Level
EUR/USD failed to stabilize above 1.18 psychological level and now is trading under 1.1753 static support. Is also located below the S1 (1.1744) and under the second warning line (wl2) of the descending pitchfork.
I believe that the zone between 1.18 and 1.17 levels is a neutral one. A breakdown below 1.17 suggests selling, while a bullish run above 1.18 could validate a broader upside movement.
- EUR/USD Trading Tips
Another higher high, jump above 1.1831 will bring a great long opportunity with an immediate upside target at 1.2 psychological level.
Sell EUR/USD if the price drops and closes under 1.1694 static support. 1.1495 is seen as a major downside target. The pair should drop only if the USDX will resume its rebound.
The material has been provided by InstaForex Company – www.instaforex.com
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