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EUR/USD: CPI Report Completely Reverses Market Direction

Published 09/13/2022, 09:34 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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USD/EUR
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EUR/USD Daily Chart

  • The CPI report completely reversed the day and now it will probably close as a bear bar and disappoint the bulls.
  • EUR/USD bulls have a five-bull micro channel, so there are probably buyers below; however, the bulls had their chance to get a strong breakout, and now it looks like the market will continue sideways to up with the July – August trading range.
  • Bears want a two-legged pullback, with August 31 being the first leg. A trading range so the more likely sideways than much lower.
  • The current bar reversal down may be another test of the 1.000 big round number.
  • Overall, while the market will probably get to the August 10 high within the next couple of months, traders should expect mostly sideways until there is a clear breakout.

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