H1 CHART TIME FRAME: Stuck in a narrow range of 40 pips. Rectangle Pattern. On the Downside: 1.23000,1.22700 and 1.22400 are the support levels. On the Upside: 1.22590, 1.23900 and 1.24200 are the resistance level
H4 CHART TIMEFRAME: RSI NEUTRAL ABOVE EMA 200, TESTING EMA 50 AND EMA 100 RESISTANCE
Conclusion:
US CPI may give us a fresh direction to trade. We must wait for the breakout of the rectangle and enter a trade in the same direction of the breakout.