EURUSD CPI OUTLOOK
Price has pulled back into a decent selling area base on my last analysis. The thing to keep in mind now is CPI.
Yesterday during Powell's testimony he said
"If the economy remains strong and inflation does not continue to move sustainably toward two percent, we can maintain policy restraint for longer"
Basically all eyes are on CPI at the moment. We had NFP last week which showed us strong jobs number because of the massive revision that was made.
If CPI comes in light this might make shorting EURUSD difficult to do and might change the fundamental direction or the pair. However if CPI stays as is or comes in higher then we should expect the FED to keep interest rates where they are which would be bullish for the dollar.
Recommend not getting into position until after CPI release. I closed my Friday position in profit Tuesday morning in anticipation of this pullback.
Depending on how the figures come out I will find a re-entry targeting January low or change position and flow with the market.
Yesterday during Powell's testimony he said
"If the economy remains strong and inflation does not continue to move sustainably toward two percent, we can maintain policy restraint for longer"
Basically all eyes are on CPI at the moment. We had NFP last week which showed us strong jobs number because of the massive revision that was made.
If CPI comes in light this might make shorting EURUSD difficult to do and might change the fundamental direction or the pair. However if CPI stays as is or comes in higher then we should expect the FED to keep interest rates where they are which would be bullish for the dollar.
Recommend not getting into position until after CPI release. I closed my Friday position in profit Tuesday morning in anticipation of this pullback.
Depending on how the figures come out I will find a re-entry targeting January low or change position and flow with the market.
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