US CPI weakens USD too
The US CPI was weaker and that has the dollar lower. Draghi’s comments may not be as bearish as the market thought – especially on inflation. As a result, the EURUSD is squeezing higher.
The pair is above last week’s highs now and looks toward the key 100 day MA at 1.1679. I would expect some slowing on the test of that MA, and then we will see what the market wants to do. A break above would be more bullish.
Approaching now as the market trades at a new high at 1.1671. Getting closer to that key technical level.