The EUR/USD pair continues to trade in the sideways manner inside a pennant pattern. Focus on German preliminary CPI reading. The EUR/USD pair remains trapped in a narrowing price range or pennant pattern. At press time, the currency pair is trading at 1.1650, having created a bearish outside-day candle on Thursday. So, technicals are biased to the bears, meaning the pair could find acceptance below 1.1598 (base of the pennant pattern) if the preliminary German consumer price index (CPI) misses estimates. On the other hand, an above-forecast preliminary German consumer price index (CPI) may push the spot above 1.1735 (pennant resistance). The data is due at 12:00 GMT and is expected to show the CPI rose 0.4 percent month-on-month in July from June’s print of 0.1 percent. EUR/USD Technical Levels A break below 1.1598 (pennant support) would validate Thursday’s bearish outside-day candle and allow a drop to 1.1508 (June 21 low + 50-month MA). A violation there would expose support lined up at 1.1448 (50% Fib R of Jan 2017 low – Feb 2018 high) and 1.1370 (200-week MA). On the higher side, a move above 1.1735 (pennant resistance) would open up upside towards 1.18 (psychological hurdle) and 1.1852 (June 14 high). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Treasury Sec. Mnuchin sees at least 3% growth for next 4-5 years – Reuters FX Street 5 years The EUR/USD pair continues to trade in the sideways manner inside a pennant pattern. Focus on German preliminary CPI reading. The EUR/USD pair remains trapped in a narrowing price range or pennant pattern. At press time, the currency pair is trading at 1.1650, having created a bearish outside-day candle on Thursday. So, technicals are biased to the bears, meaning the pair could find acceptance below 1.1598 (base of the pennant pattern) if the preliminary German consumer price index (CPI) misses estimates. On the other hand, an above-forecast preliminary German consumer price index (CPI) may push the spot above 1.1735 (pennant… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
