EURUSD has shown a minor 40 pips dip from high made during European session. It hits intraday low of 1.13120. Markets are slightly consolidating ahead of US CPI data.
US CPI
Actual Forecast
Core CPI m/m +0.1% 0.2%
CPI m/m +0.1% 0.1%
Annual inflation 1.8% 2.1%
The pair hits 1.13409 level after release of data. The near term resistance is around 1.1365 (200- day MA) and any violation above targets 1.1420/1.1450.
On the lower side, near term support is around 1.1270 (100- day MA) and any convincing break below will drag the pair to next level till 1.1215/1.11750.
It is good to buy on dips around 1.13200 with SL around 1.12650 for the TP of 1.1440.
