$EURUSD Forex Signal: Consolidates Ahead of German Inflation Data
Set a buy-stop at 1.0785 and a take-profit at 1.0865.Sentiment among investors is changing as investors continue weighing on the next actions by the Federal Reserve. The US dollar index has jumped above $103 while the Dow Jones and Nasdaq 100 indices have pulled back. It is against this backdrop that the EUR/USD pair has retreated and is hovering near its lowest point since January. It has pulled back by ~2.75% from its highest point this year.
As a result, there are concerns that the tight labor market, coupled with rising wages, will maintain inflation at an elevated level for long. Looking at the economic calendar, there will be no major economic data from the US. The only data to watch will be the preliminary German inflation data. After retreating in December, economists expect that the country’s inflation rose by 0.8% in January. On a YoY basis, they expect that inflation rose by 8.9%.The EUR/USD price was largely flat on Thursday after falling for the past four straight days.This is also an important level since it was the highest point on December 30.
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