EUR/USD Challenges 1.13 but Reverses with US Rate Hike

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The EUR/USD challenged the key 1.13 resistance zone (red line) after weak inflation figures in the US were released yesterday. Despite the recent weakness in inflation levels, the US interest rates did increase from 1% to 1.25% later in the day which sparked a renewed US Dollar rally and hence a decline in the EUR/USD.

The EUR/USD is currently caught in between strong support and resistance and would need to break (arrows) these levels before a potential trend could start.

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The EUR/USD wave 4 (blue) becomes unlikely if price manages to break above the 61.8% Fib level.

Origin: Admiral Markets

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