On the daily chart EURUSD below, we can see that the buyers remain in control with the daily uptrend still intact as depicted by the moving averages crossed to the upside. The target seems to be the high at 1.1033 and the support in case the price pulls back would be the 1.0759 level.
Today the market will be focused on the US CPI report, and we should see big movements in case the data surprises. At the moment the price action is choppy and slow, and it’s unlikely that we will see much movement in the market ahead of the report.
On the 4 hour chart below, we can see that there’s a divergence between the last higher high and the MACD. This can be a signal that the price may retrace all the way back to the 1.0759 support. The price is also struggling to break above the 1.0929 resistance. I
t’s likely that today’s data will decide where the price will go next. In case the CPI misses, we should see the buyers in control and the 1.1033 high being reached. On the other hand, if the data beats expectations, we should see the sellers pile in and target the support at 1.0759.
On the 1 hour chart below, we can see more closely the current price action with the 1.0930 resistance being a clear wall for the buyers at the moment. The moving averages are still crossed to the upside, so the momentum is still in favour of the buyers, but this can change if the CPI data surprises to the upside.
The near-term support for the buyers will be the 1.0895 swing low level. The sellers will want to see that level to break before considering shorts.
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2023-04-12 08:33:00Z
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