EUR/USD gathered bullish momentum after breaking out of its one-week-old range and reached its highest level since early January above 1.1000.
EUR/USD climbed to its highest level since early January above 1.1000. The technical outlook points to overbought confitions for the pair. July inflation data from the US could trigger the next big action. The pair's near-term technical outlook points to overbought conditions as market focus shifts to the US inflation data. Euro PRICE This week The table below shows the percentage change of Euro against listed major currencies this week. Euro was the strongest against the Japanese Yen.
In case the monthlyl core CPI, which excludes prices of volatile items and doesn't get distorted by base effects, rises at a sronger pace than expected, the immediate reaction could trigger a USD recovery and weigh on EUR/USD. On the other hand, the pair could look to stretch higher if the monthly core CPI comes in below the market estimate. EUR/USD Technical Analysis The Relative Strength Index indicator on the 4-hour chart climbed to 80 early Wednesday, reflecting overbought conditions.
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