According to the results of yesterday's trading, there were no significant changes in the technical picture of the main currency pair of the Forex market. Instead, trading on June 9 was held in consolidation mode, ahead of today's reports on consumer prices in the United States of America. Trading participants will likely perceive today's data on the US consumer price index as further steps by the US Federal Reserve System (Fed) regarding the prospects for reducing the quantitative easing program. As we know and remember, inflation in the United States has recently shown serious jumps. Although most Fed officials consider this phenomenon temporary, some do not rule out a reduction in the volume of asset purchases.

Meanwhile, in several European countries, the authorities continue to lift the restrictions that had to be imposed to stop the spread of the COVID-19 pandemic. So, in Belgium, the widespread wearing of masks has been abolished, and the country's bars and restaurants can now receive their visitors indoors. In France, which has also suffered from the coronavirus epidemic, it is now possible to visit swimming pools. French amusement parks and attractions have started their work. In general, thanks to a successful and fairly large-scale vaccination campaign, most European countries are gradually returning to their usual way of life.

If we go back to today's events, in addition to the US consumer price index, close attention will be paid to the decision of the European Central Bank (ECB) on rates and the press conference of ECB President Christine Lagarde. Since the main interest rate in the eurozone is likely to remain at zero, the main focus of investors will be on the speech of Christine Lagarde, which will begin at 13:30 London time. There is no doubt that the rhetoric of the speech of the head of the ECB will have a significant impact on the price dynamics of the single European currency.

Daily

As you can see, yesterday's attempts by the euro bulls to return the pair to growth met resistance at 1.2217, after which the pair retreated and ended trading at 1.2179. This factor once again emphasizes the strength and importance of the level of 1.2200, overcoming which will open the way to the key resistance zone of 1.2244-1.2266. Today's events can be a good driver for the quote to come out of the "dead zone" and conceive a directional movement. If you give any trading recommendations, then on such days, it is most difficult and problematic. I believe that the direction of EUR/USD will largely depend on the rhetoric of Christine Lagarde's speech and data from the US on consumer prices. At the same time, it is very noteworthy that both the American releases and Lagarde's speech are scheduled simultaneously, namely at 13:30 (London time). Since the euro/dollar pair can not overcome the strong resistance area of 1.2200-1.2260, I suggest looking for the appearance of reversal candle signals on the four-hour and hourly charts here. If we see such signals, we can try to open short positions with targets in the area of 1.2150-1.2110.