EUR/USD Could Decline Toward 1.1500 as Dollar Index Firms
The dollar index firmed despite a softer CPI release, leaving EUR/USD vulnerable to a drop toward 1.1500 and lower in the near term.
EURUSDEURJPYAUDUSDGBPUSDDXY
Yesterday’s softer US CPI release did not stop the dollar index from moving higher. The index is showing near-term bullish momentum if it can break above the 100 level.
Against that backdrop, several major currencies are expected to face downside pressure:
- EUR/USD toward 1.1500 and lower
- EUR/JPY toward 183/182
- AUD/USD toward 0.70/69
- GBP/USD toward 1.33
These levels reflect near-term technical objectives while the dollar remains firm.
Source: FXStreet Forex News