EUR/USD Technical Analysis

EUR/USD trend is changing
Move up is expected
Above 1.1360 stronger move
1.1519 final target

H4 CHART EUR/USD

Swing low
Double top
Bounce zone
Final target

The Eurozone preliminary CPIﾂ came out +5.0% vs +4.7% y/y expected. The CPI presents the change in the price of goods and services purchased by consumers. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. The EUR/USD should bounce from 1.1330 area towards 1.1360. Above 1.1360 stronger momentum should kick in and the next target is 1.1420. The final target is 1.1519. We don't think we should see 1.1519 without a fundamental driver, in this case next week FED. But the focus is on the move up and 1.1420.