Euro keeps hovering around 1.1300, but buyers may soon give up EUR EURUSD $EUR $EURUSD
in the same month also rose by more than anticipated, reaching 5.3%. Skyrocketing inflation reopens speculation on whether the European Central Bank would need to abandon its conservative stance on monetary policy.
The upcoming week will start with the EU publishing the January Sentix Investors Confidence and November Industrial Production. The US will unveil the final reading of the December Consumer Price Index and December Retail Sales, seen up a modest 0.3%. Finally, the country will release the preliminary estimate of the January Michigan Consumer Sentiment Index.The EUR/USD pair has been trading around the 1.1300 level since mid-November and remains nearby at the time being.
The bearish case will be clearer if the pair breaks below the December low at 1.1220, eyeing a slide towards the 1.1160 price zone. To the upside, resistance comes at 1.1340 and 1.1385, with sellers probably adding shorts on approaches to the latter. hints at a bearish breakout, as bears are in control in the three time-frame under study. On average, the pair is seen holding above 1.
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