The EUR appears to be strengthening against the US dollar as of this writing. This latest result has injected new life into the EURUSD. The EURUSD has risen as a result of the impending release of a harmonized consumer price index.

The index of consumer prices is calculated and distributed by Destatis, the Statistical Office of the European Union, based on a statistical framework that’s been harmonized across all EU Member States.

According to economists, the record of the year would register a reading of 2 per cent on May 31, 2021, compared to the month before the record of 2.1 per cent.

HICP is a price measure the EU Governing Council for quantitatively defining and assessing price stability in the euro area as a whole.

On the downside, the confluence of two immediate trendlines support is around 1.2061, which is likely to prevent the price from falling below this level.

Moreover, there is one more piece of news from US Durable goods and order news, which might push the price further.

The Census Bureau plans to release numbers for the Durable Goods Orders news on May 27, 2021. According to FXStreet.com economists, the durable goods orders news might register a reading of 0.8% in April compared to the figure of 1% in the month before.

Generally speaking, a high reading amid durable goods orders strengthens the U.S. Dollar and suggests a bearish trend for the EURUSD pair and vice versa. 

Conclusion 

Given the pair’s recent price movements, buying the EURUSD at about 1.2132 would be a better short-term strategy.