EUR/USD Continues Downward Trend Following CPI Data
The EUR/USD currency pair continues its downward trend following the release of CPI inflation data, with prices dropping to 2,700 USD during the European trading session on Friday. The CPI inflation data release caused the US Dollar (USD) to strengthen significantly, putting downward pressure on this currency pair. This has raised concerns among investors about the possibility of the European Central Bank (ECB) implementing monetary policy measures to control inflation.
From a technical standpoint, on the 1-hour chart, the downward trend of EUR/USD remains clearly intact. Prices are currently below the simple moving averages (SMA), indicating that the downward trend is still strong.
However, global economic and political news also continue to cause volatility in the market, so traders should carefully consider and evaluate their strategies to trade successfully and effectively!
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