EURUSD Chart Technical Outlook is set to resume higher if soft US inflation or buying the dip if not
EUR/USD develops a five-wave impulse structure to the upside. Prices consolidate ahead of today’s U.S. CPI data. Markets expect two rate cuts this year from the Fed, while the bank projected one cut. Soft data would support the market bias and push the USD lower, increasing the bets for the September cut.
I expect a lateral direction ahead of the data. Any pullback should be corrective and find buyers. Supports are located at 1.0805 and 1.0780. Resistances are seen at 1.0850 and 1.0885.
