Now, after a month of declines, the euro edged upward against the US dollar (USD) on Thursday, reaching over 1.1560.
The rise does not narrow the gap in the difference that has existed since the beginning of the month.
And hence the US updates and the resistance that doesn’t encourage the price to go up.
If we give a glance current rise, then it might happen because of the harmonized consumer price index CPI) Destatis. FXStreet.com registered a reading of 4.1%, with no change relative to a month before the index.
The harmonized CPI is based on a quantifiable approach that combines all EU member states. In quantitative terms, the HICP is a proportion of expenses used to characterize and evaluate value stability in the eurozone.
The EUR/USD currency pair appears to be trading in a highly volatile sideways channel on a technical level. The EUR/USD pair has strong support around 1.1488, which might keep the price there and prevent it from sliding further.
On the other side, the US Bureau of Labor Statistics will release the figure of the consumer price index (CPI) on October 13, 2021. Economists predict that CPI might remain at 0.3% while bearing no change compared to the month before data.
The CPI compares the retail prices of a representative shopping basket of products and services to determine price trends. The CPI is an indicator for measuring inflation and changes in purchasing patterns. In general, a high reading for the USD is favorable (or bullish).
As there are many obstacles in the path of the EUR/USD pair, selling it around 1.1692 might be the correct choice.