EURUSD is ready to move highr waiting for US inflation report
Ahead of the highly-anticipated US July inflation report, The USD dollar is looking for demand and EURO USD is ready to breach the long waited resistance.
EURUSD has formed a symmetrical triangle on 4h Charts, in addition to a price action that builds up toward the long waited resistance - 1.0240 (Fibonacci 38.2% retracement of the latest downtrend), it is obvious now that the pair is about to break out of its range and could use a big push from a weak CPI print, to rise above that level and target at least 1.0370 (Fibonacci 61.8% retracement.
Stoploss for this breaking below 1.0200 , which means the dollar gained strength from the inflation report.
EURUSD has formed a symmetrical triangle on 4h Charts, in addition to a price action that builds up toward the long waited resistance - 1.0240 (Fibonacci 38.2% retracement of the latest downtrend), it is obvious now that the pair is about to break out of its range and could use a big push from a weak CPI print, to rise above that level and target at least 1.0370 (Fibonacci 61.8% retracement.
Stoploss for this breaking below 1.0200 , which means the dollar gained strength from the inflation report.
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