Hey Traders, In today's trading session, our focus is on monitoring EURUSD for a potential buying opportunity around the 1.1100 zone. From a technical standpoint, EURUSD has successfully breached a significant resistance level at 1.1100. As a result, we are now observing the possibility of a retracement of this breakout, which could potentially lead to further upward movement and new highs.
From a fundamental perspective, the recent release of soft CPI data has important implications. The softer CPI data suggests that inflationary pressures may be easing, which, in turn, could prompt the monetary policy to become less restrictive. When monetary policy becomes less restrictive, it typically leads to a weaker USD. Therefore, based on this fundamental analysis, there is a potential for USD weakness, further supporting the case for a potential buying opportunity in EURUSD around the 1.1100 zone.
Trade safe, Joe.
From a fundamental perspective, the recent release of soft CPI data has important implications. The softer CPI data suggests that inflationary pressures may be easing, which, in turn, could prompt the monetary policy to become less restrictive. When monetary policy becomes less restrictive, it typically leads to a weaker USD. Therefore, based on this fundamental analysis, there is a potential for USD weakness, further supporting the case for a potential buying opportunity in EURUSD around the 1.1100 zone.
Trade safe, Joe.
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