Tue, Dec 06, 2022 @ 23:44 GMT
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Technical Outlook: EURUSD Stays Within Tight Range After Solid EU CPI Data Failed To Trigger Stronger Upside

The Euro is trading within tight range on Thursday, holding so far above solid support at 1.1859, provided by rising 10SMA.

Strong fall on Wednesday completed reversal pattern on daily chart, but near-term bears are showing no signs of resuming lower after strong bearish signal.

The pair showed mild reaction on better than expected EU inflation data (Aug annualized CPI ticked to 1.5% vs 1.4% forecast and 1.3% in July).

The numbers are supportive, however, stronger acceleration higher and break above 1.1910/45 pivots is needed to generate firmer bullish signal.

Otherwise, the downside is expected to stay at risk and violation of 10SMA would trigger deeper pullback and expose next supports at 1.1812 (20SMA) and 1.1791 (30SMA).

Res: 1.1910, 1.1945, 1.1984, 1.2000
Sup: 1.1859, 1.1812, 1.1791, 1.1773

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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