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EURUSD News

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Last Updated Date: 14 October 2021 @ 5:55 AM (UTC)
*Please note that all the dates are in GMT time zone

The dollar fell from its one-year high on Wednesday as longer-dated Treasury yields dipped after U.S. inflation data showed prices rose solidly last month, while the minutes from the Federal Reserve's September meeting confirm tapering will begin "soon."

The consumer price index rose 0.4% last month versus a 0.3% rise anticipated by economists polled by Reuters. Year-over-year, the CPI increased 5.4%, up from 5.3% in August. Excluding the volatile food and energy components, the so-called core CPI climbed 0.2% last month versus 0.1% in August.

Yields on shorter-term Treasuries, which typically move in tandem with interest rate expectations, increased after the report, while longer-dated yields dipped, indicating the market is still not pricing in a sustained period of inflation.

The EURUSD went through a minor Fibonacci correction up. The market is triggering a short term upturn, looking for attempts to extend rallies and attack the 1.1620 - 1.1640 levels.  A breakout over the 1.1640  swing high signals a stretch to 1.1690. Minor corrective dips should only last 1-2 days at this stage of the drive and likely fight to rebound from 1.1555. After that movements the Euro shall continue its Down trend. 

Resistance 2       1.1640
Resistance 1       1.1620

 
Support 1            1.1570
Support 2            1.1551

 

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