EURUSD trying to decide!
Although before Fed, EURUSD parity followed a positive pricing behavior towards the 1.1410 level, the parity’s in-channel tightening appearance similar to the symmetrical triangular formation appearance in the later period allowed the transition to a short-term decision. Pricing outside the 1,1350 and 1,1375 levels is important for clarifying the outlook.
Today, Core CPI from the Euro zone and Core PCE Price Index data from the United States were recorded as important news to follow in order to shape the EURUSD parity expectation of below 1.1350 negative / above 1.1375 positive.
Main Scenario: If the EURUSD parity breaks down to 1.1350, negative pricing expectation may be on our agenda at this stage since it will be out of the channel. With this in mind, the withdrawal towards the support of 1,1315 and 1,1272 can be traced.
Alternative Scenario: If the EURUSD parity exceeds the 1.1375 level, positive pricing expectation may be on our agenda at this stage since it will be out of the channel.With this in mind, rising towards the 1.1410 and 1.1450 resistance points can be monitored.
Pivot: 1,1350 – 1,1375
Support: 1,1350 – 1,1315 – 1,1272
Resistance: 1,1375 – 1,1410 – 1,1450