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Forex Analysis & Reviews: EUR/USD aims at 1.0594, US PPI decisive
time 08.12.2022 10:05 PM
time Relevance up to, 09.12.2022 10:05 PM

The EUR/USD pair extended its growth as the Dollar Index slipped lower. It's trading at 1.0552 at the time of writing. As you already know, the bias remains bullish in the short term as the DXY is in a corrective phase.

Fundamentally, the US Unemployment Claims came in line with expectations today. The US figures could be decisive tomorrow. The PPI may report a 0.2% growth, Core PPI could register a 0.2% growth, while Prelim UoM Consumer Sentiment could increase from 56.8 points to 56.9 points. Better than expected data could boost the greenback while poor data should punish the USD.

EUR/USD Strong Upside Pressure!

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EUR/USD ignored the downtrend line, the 1.0532 and 1.0549 upside obstacles signaling further growth. The bias remains bullish as long as the price stays above the uptrend line.

Testing and retesting the 1.0496 - 1.0481 area signaled a potential upside movement. Its failure to reach and retest the uptrend line confirms strong upside pressure.

EUR/USD Outlook!

Breaking above 1.0549 signals further growth at least towards the 1.0594 higher high which represents an upside target. This was seen as a long signal. A larger upside movement could be activated by a valid breakout above the 1.0594 high.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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