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Through the course of last week, the EURUSD pair has been showing strength despite the recovery in the dollar. We had also mentioned the same in our forecast as every correction in the pair was met by strong buying and this helped the pair to bounce back. Twice during the week, we saw the pair push through below 1.17 but both times, we saw the pair bounce back above 1.17 and make a strong push to the upside.
EURUSD Moves Higher on Weak US CPIThis indicated that the pair was still under the control of the bulls and we had mentioned the same as well. We had also said that unless there was a break below the 1.17 region and the pair managed to stay below this region, the risk continued to be on the upside. On Friday, the market was looking towards the CPI data from the US. It was the key data for the entire week as the NFP data had come in strong in the previous week and the market wanted to know whether the incoming data would continue to be strong, showing the recovery in the US economy, and also making the decision of the Fed for the next rate hike easier.
EURUSD Moves Higher on Weak US CPIThis indicated that the pair was still under the control of the bulls and we had mentioned the same as well. We had also said that unless there was a break below the 1.17 region and the pair managed to stay below this region, the risk continued to be on the upside. On Friday, the market was looking towards the CPI data from the US. It was the key data for the entire week as the NFP data had come in strong in the previous week and the market wanted to know whether the incoming data would continue to be strong, showing the recovery in the US economy, and also making the decision of the Fed for the next rate hike easier.
