19 Aug 2015

USD VIRTUALLY UNCHANGED AFTER CPI

EUR/USD 30M

As expected the US inflation data created high short term volatility and created quite large spikes in both directions testing the short term range boundaries, however, an hour later has returned to the pre-data levels across the board, as traders are still waiting for the main risk event today - the FOMC meeting minutes.

EUR/USD has confirmed the short term range and a beak to either side is needed for more certain direction.

A break above 1.1070 would indicate the rate is going to continue higher as it has finished testing the former broken falling trendline resistance as the new support.

A break below 1.1017 would indicate a further downside and we should be looking at the larger range support around 1.0900.



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