EUR/USD is parked in an inside day range, traders await the next cue EURUSD Currencies DollarIndex
Traders will have both Eurozone and US economic data to potentially kickstart some major moves in EUR/USD.
from the Federal Reserve over the last several days, fuelling a firm recovery in the US Dollar last week. The DXY index, which measures the greenback vs. six other major currencies, rallied from a double-bottom low in the 102.50s last week and reached a high of 104.67, a six-week high. However, the squaring of that run has left the US dollar vulnerable while below 104.00 as it is today which is offering the Euro bulls some relief, albeit possibly only temporary.
''The YoY rate likely stayed unchanged at 4.5%, suggesting price gains remain elevated. The report is also expected to confirm that the consumer remains alive and kicking, posting an increase that is likely to more than makeup for recent weakness.''will release the Final HICP Inflation reading for January year over year that could be revised up, cementing the inevitably of a 50 basis point rate hike by the Europen Central Bank next month.
That is not to say that we cannot see more downside. After all, there is money below 1.0670 from Friday's long positions towards 1.0650. However, with
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