THE EUR/USD IS EXPECTED TO SHOW STRONG MOVES TODAY

The EURUSD price is consolidating within the triangle before the release of important data in the US. Typically, after breaking through the limits of the triangle we see a strong movement. In case of decline, the closest targets will be located at 1.1300 and 1.1200. On the other hand, in order to continue growth with potential objectives at 1.1500 and 1.1620, the quotes need to overcome the closest maximum at 1.1450.

Data published later today that should be given special attention to is the news on the consumer price index in the US at 12.30 GMT. Higher inflation will strengthen confidence about another rate hike by the Fed for this year, and that usually leads to a drop for the EURUSD.

Other important data due today include retail sales in America at 12:30 GMT, industrial production at 13:15 GMT and the preliminary report on consumer sentiment from the University of Michigan at 14:00 GMT. Impacting the mood of traders in the first half of today’s trading session will be the news on the Eurozone’s trade balance due at 09:00 GMT. We expect increased volatility today after the price leaves the limits of the triangle.