The US Fed deprived the dollar bulls all the trumps. They level the unemployment and GDP evaluation for the period 2015-2017 years which was negatively perceived by traders. The only thing that was left unchanged was the inflation forecast, but it is not clearly enough yet. The main event of the day was the US inflation data release. The data showed 0.1% m/m and 1.7% y/y. The forecast was 0.2% m/m and 1.8% y/y. And we cannot ignore the situation around Greece.
Buyers have reached the strong resistance level of 1.1450 the third time for three weeks. They have reached the level amid the increased volume.
The price is finding the first support at 1.1260, the next one is 1.1150. The price is finding the first resistance at 1.1450, the next one is at 1.1675.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
We suppose the pair will go to 1.1450 first. Having overcome the first target the price might go upwards to 1.1675Publication source