The euro currency remains in consolidation mode against the U.S dollar, ahead of today’s key monthly CPI inflation report from the United States economy. The EURUSD pair is moving in an increasingly tight trading-range, with price-action likely to soon perform a clear technical breakout. EURUSD buyers look for continued gains above the 1.2334 technical level, whilst EURUSD sellers look for sustained losses below the 1.2305 support level.
The EURUSD pair is likely to see further buying above the 1.2334 level, upside targets are found at the 1.2367 and 1.2400 levels.
If the EURUSD pair moves below the 1.2305 level on a sustained basis, a deeper sell-off towards the 1.2278 and 1.2239 support level seem likely.