EUR/USD dropped massively on Wednesday when US CPI data confirmed hotter, more stubborn inflation pressures. The shorter-term measures of inflation like the month-on-month comparisons revealed what appears to be hotter price pressures with added momentum.
As such, the pair continues to plummet, gaining acceleration on Friday as the pair traded through 1.0700 with ease, now testing the 28.6% retracement of the 2023 decline at 1.0644. At this rate, there doesn’t appear to be much that could hold up the recent decline but the 1.0644 provides an imminent test before eying a potential full retracement of that broader 2023 decline.
As such, the pair continues to plummet, gaining acceleration on Friday as the pair traded through 1.0700 with ease, now testing the 28.6% retracement of the 2023 decline at 1.0644. At this rate, there doesn’t appear to be much that could hold up the recent decline but the 1.0644 provides an imminent test before eying a potential full retracement of that broader 2023 decline.
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