The US Dollar rose sharply, boosted by US inflation figures, leading to a downside movement in EUR/USD. The pair broke below 1.0600, tumbling to 1.057
US Consumer Price Index rises 0.4% in September, slightly above the 0.3% of market consensus. US Dollar rises across the board after consumer inflation figures. The EUR/USD drops almost 50 pips after the report, reaching two-day lows under 1.0600. 0, reaching a two-day low and moving away from the two-week high it reached earlier on Thursday at 1.0640. The US Consumer Price Index rose 0.4% in September, surpassing the consensus of 0.3%. The annual rate stood at 3.7%.
The positive momentum of the US Dollar is fading ahead of Wall Street's opening bell. Still looking at 1.0635 The EUR/USD rebounded from an upward trendline and is hovering around the 20-period Simple Moving Average on the four-hour chart. A decline below 1.0570 could intensify bearish pressure, with the next support levels seen at 1.0555 and 1.0530. On the upside, the immediate resistance stands at 1.0620, however, the crucial area is around 1.0635.
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