There aren’t any statistical publications due from the Eurozone or the US today. At 12:30 (GMT+3), the UK will publish inflation figures for January. The consensus is that annual inflation in January will drop to 2.9% from a value of 3% in December. Although this forecast falls in line with the Bank of England’s expectations, today’s figures could increase volatility on the pound at the time of publication.
On the 4-hour timeframe (H4), the pair is continuing to test the resistance line of the trend:
This resistance line of the upwards trend has been holding up the euro from rising further against the dollar.
On the hourly timeframe (H1), the EURUSD pair is making its first attempts at exiting the consolidation range of 1.2190 – 1.2290 formed in mid-January:
If the euro successfully exits this range, it should rise at least as far as the low within the double top formation on the hourly timeframe, i.e. to around 1.2345 – 1.2385.
At the time of writing, the EURUSD pair is trading at 1.2318.
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