EUR/USD Analysis: Remains bullish
|The first part of Tuesday's trading session was uneventful, as the Euro was fluctuating in a narrow range against the US Dollar.
The market sentiment changed notably mid-session when the US published its CPI. The data matched expectations, thus alleviating the risk of Fed hiking interest rates at a faster pace. The US Dollar lost some ground against the Euro following this report, as well as responding to events involving the US Secretary of State. As a result, the Greenback fell 0.60% within a couple of hours.
Analysts expect that the pair's rally could continue during the following sessions up to the medium-term channel circa 1.2450. However, given the massive surge yesterday, bulls are likely to exhaust their positions for a couple of hours or even longer, thus allowing for a correction closer to the 1.2450 mark.
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