Overall, the market is ranging after the impulse leg. I think EURUSD will keep bouncing between the resistance zone in the range zone. However, the price pulled back from the demand zone, and it's heading towards the resistance zone and a downward trendline. I expect a fall from the resistance level and a retest of the main support because the order flow is bearish. I believe the market may form a doji candle on a weekly timeframe like the previous one. My goal is the support level at 1.07000
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Rising Inflation In The U.S. Has Changed Market Perceptions! This Is What Happens In The Currency Market
The US dollar has strengthened to a fresh three-month high against major currencies before trading steady, boosted by investors who revised their expectations for an interest rate cut by the Federal Reserve after higher-than-expected US inflation data. Since Tuesday's inflation data showed a 3.1% increase in the annual US consumer price index (CPI) for January, with expectations for just a 2.9% increase. Money market players have adjusted strategies against expectations of a Fed rate cut in March and a 53% chance of a cut in June, according to CME.
The US dollar index, which measures the US dollar against six major currencies, rose 0.05% to 104.91, before slipping 0.10% to trade at 104.747.
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