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EUR/USD Can Retest The Lower Supports Ahead Of U.S. Inflation Figures

ByGregor Horvat
Published 04/13/2021, 03:15 AM

Traders will be watching the US inflation figures today, where higher number can be very positive for the USD as this can mean that FED will have to turn towards hike increase sooner rather than later. In fact, higher CPI may not be a surprise after PPI jumped to a 10-year high.

But technically speaking, EUR/USD is turning bullish but there is room for the pair to correct lower, and maybe the US data will be the catalyst for a deeper retracement. We are tracking bullish pattern after impulsive turn from March low, with first support now seen at 1.1860, while second support is at 1.1792.

If USD is ready to continue much higher after the report then keep an eye on commodity currencies as further upside on US yields can send AUD and CAD even lower against the buck.
eurusd aprl 13 2021

Latest comments

correct me if I am wrong but... higher inflation leads to higher USD price???
high CPI, means that they may have to increase rates soon, and higher rates can be positive for currency based on speculation! Real inflation however is already much higher, just look  commodities, or lumber in particular
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