As it was expected, first half of the previous trading session the currency pair spent near the monthly PP at 1.1881. Unfortunately, a release of better than expected data on the US inflation did not cause any notable volatility in the markets even though initially traders tried to push the pair through the bottom trend-line of a medium-term ascending channel. A fully-fledged rebound did not happen as well, as the surge was quickly neutralized by the 55-hour SMAs. Taking into account that the northern side is secured by the 100- and 200-hour SMAs, while the southern side by the above monthly PP, the pair is expected to continue to more relatively horizontally at least until a release of information on the US Core Retail Sales.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.