EURUSD Price Analysis: Bulls and bears about

EURUSD bears eye a deeper correction, but US CPI looms.  EURUSD bulls look to guards 0.9950/75 that could hold as support. The euro was hit hard on Wednesday and is trying to correct on Thursday, although is facing a robust US Dollar as traders braced for any upside surprise in the upcoming US Consumer Price Index report. US yields and the greenback rallied on a soft US Treasury auction which has left a bearish outlook on the charts for the rest of the week as the following illustrates from a bearish perspective.  EURUSD H1 chart The bearish trend is dominant and the bears eye a break of the 0.9990s for a run to test below 0.9950 and the last quarter of the area. In doing so, this will be running into length built up over the course of the week, piggybacking on Friday’s risk-on rally. On the other hand, a miss in the inflation data would likely play havoc on the greenback and see the Euro as a major beneficiary: EURUSD daily chart The price moved out of the trendline resistance and is therefore could be teeing up for a move higher. 0.9950/75 could hold as support. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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