US CPI giving dollar a boost - FXStreet

FXStreet (Barcelona) - Following the publication of US CPI numbers, which showed the biggest increase in two years, approaching Fed's target of 2%, FXStreet Chief Analyst Valeria Bednarik notes that the EUR/USD gave up most of its recent gains and eased down to 1.3536 where it stands.

Key quotes

“The hourly chart shows indicators turning strongly south in negative territory, while price broke below its 100 SMA for a few pips and yet to be confirmed.”

“In the 4 hours chart latest candle opened below its 100 SMA, with technical readings turning mildly bearish around their midlines.”

“A break lower seems unlikely ahead of mentioned FED meeting Wednesday, yet below 1.3510, the pair may attempt a test of this year low of 1.3475.”