EUR/USD has been quite bullish recently after breaking and retesting off the support area of 1.1280-1.1360. As of recent weak data from US leaded to further gain on the EUR side. Though the gain was not quite impulsive but consistent in nature. Today EUR Final CPI report was published as expected with an unchanged value at 1.3% and EUR Final Core CPI report was also published as expected with an unchanged value at 1.1%. The unchanged values of EUR CPI reports could not quite help the EUR to gain momentum today but worst USD Empire Estate Manufacturing Index helped EUR with the gains. Today on the USD side USD Empire Estate Manufacturing Index report was published with the worst figure at 9.8 which was expected to be at 15.2 decreasing from the previous figure of 19.8. As of the current situation of the market, Euro is gaining over the US Dollar due to weak economic reports of the US so the EUR gains seem quite temporary and any positive report on the US may flip the gains in the coming days.
Now let us look at the technical view, the price is currently residing above the support area of 1.1280-1.1360 which signals further bullish move with a target towards 1.1610 resistance level. As the price remains above the support area the bullish bias is expected to continue further but steady gain on the EUR side is expected along the way. The market is quite non-volatile in nature which shows the dominating nature of the bulls in the market to sustain further in the coming days.
