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EURUSD Forecast Update: US Inflation Report Ahead
EURUSD Forecast Update: US Inflation Report Ahead
Our last short call at 1.21300 ( Bearish 1.618 Pattern found by Advanced Chart Patterns Tracker and Cycle Sniper ) achieved its target at 1.17800.
US Job Report on Friday showed that the US economy is recovering fast.
US Inflation report is released on Wednesday, Aug 11th. This may be the most important data before Jackson Hole Symposium by The Federal Reserve Bank of Kansas City; Aug. 26-28, which can be the place of the FED’s first strong sign of a new path.
On the downside, 1.16800 is the key support. We don’t see any reason to trigger this breakdown until US CPI data on Wednesday. So there may be a corrective wave from 1.17200 to 1.18400. Those pullbacks can be used as a selling opportunity.
Depending on the US CPI data, in the case of 1.16800 breakout, 1.16500, 1.16000, 1.15600 and 1.14700 will be the targets of the pair.
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