EURUSD – Up
Event to watch out for today:
15:30 EET. USD – CPI m/m
EURUSD:
During the early European session on Tuesday, EUR/USD traded negatively for the second consecutive day. Markets are cautious ahead of the release of key data from the US, specifically the consumer price index (CPI), which will be released later today. Softer US inflation data could boost the Fed’s confidence that inflation will return to target and put pressure on the US Dollar (USD).
The EUR/USD four-hour chart continues to show bearish sentiment. Furthermore, the downward momentum is strengthened by the Relative Strength Index (RSI), suggesting that additional declines are possible.
Trade recommendation: Trade mainly with Sell orders from the current price level
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