The EUR/USD drops from range as it cuts the strong support point 1.1360 providing a sharp leg lower below the major support point 1.1285. Today, the US CPI data will generate more volatility to the EUR/USD and breaking 1.1260 will push the pair lower toward 1.1220 and 1.1185 respectively.
However, this downside movement could be a minor shake for the EUR/USD before heading higher. The pair needs to consolidate around 1.1360 again to trigger a bullish long-term extension reaching next resistance levels 1.1420, 1.1455 and 1.1477.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.