At the start of the week, U.S. long-term interest rates went down, and this led to buying of the euro, pushing it up to 1.1675. After that, the price fell to 1.1590 due to selling before the release of today’s U.S. CPI data. There was no important news about the euro itself, and the focus is now on U.S. CPI.
For July, CPI is expected to rise slightly from the previous month, but most believe the U.S. Federal Reserve will keep its plan for interest rate cuts.
However, since the dollar was sold earlier, if the CPI result is as expected, there could be short-term dollar buying, and the euro may drop further.
Expected EUR/USD Range: 1.1550 – 1.1660 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.