EUR/USD Breakout Towards 1.1300
Currently, EUR/USD is in a consolidation phase after a recent rally. The price is fluctuating between support at 1.10835 and resistance at 1.12106.
The price has broken below the 34 EMA and is testing lower levels, indicating a short-term bearish trend.
Technically, key support is at 1.10835, representing the recent low. Resistance is at 1.12106, marking the nearest high.
A breakout scenario may occur around the 1.11438 region. If the price breaks through this level and continues past resistance at 1.12106, there is a high chance of a strong rally up to 1.1300.
Recently released inflation data will significantly impact EUR/USD. If inflation comes in higher than expected, it could support the Euro's rise.
The price has broken below the 34 EMA and is testing lower levels, indicating a short-term bearish trend.
Technically, key support is at 1.10835, representing the recent low. Resistance is at 1.12106, marking the nearest high.
A breakout scenario may occur around the 1.11438 region. If the price breaks through this level and continues past resistance at 1.12106, there is a high chance of a strong rally up to 1.1300.
Recently released inflation data will significantly impact EUR/USD. If inflation comes in higher than expected, it could support the Euro's rise.
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