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EUR/USD
The EUR/USD pair unexpectedly got stuck in a tight range. Prior to that, the price gained strong upside momentum, and it seemed like the market had chosen a direction.
Data showed yesterday that the euro area inflation rate was 5.5% in June 2023, down from 6.1% a month earlier. Wheareas the core inflation rate inched up slightly to 5.5% from 5.3%.
Nevertheless, traders shrugged off this data, with the EUR/USD pair remaining almost unchanged.
Perhaps today's data on US weekly jobless claims will help the EUR/USD pair get out of the sideways range.
From a technical point of view, long-term consolidation in a tight range near highs signals a potential new surge toward the 1.1300 mark. At the same time, it may also indicate that the uptrend is nearing its end.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
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