Daily Analysis EURUSD - 11 Aug 2023

Market participants are waiting for the US Producer Price Index (PPI). The Eurozone's inflation remains high, impacting growth and inflation prospects. Economists don't expect the 2.0% inflation target to be met until 2025, and rate cuts are unlikely before Q2 2024. In the US, Consumer Price Index (CPI) rose to 3.2%, below the expected 3.3%, while Core CPI fell to 4.7%. Initial Jobless Claims were higher than expected. The US Dollar's response to this data affected the Euro.

The Fed’s Mary C. Daly suggested it's too early to predict rate changes. Eyes are on the upcoming US inflation data and the University of Michigan Consumer Confidence Survey.

The EUR/USD has entered a price range between the support at 1.0940 and the resistance level of 1.1040. The current price action might suggest a potential reversal based on the formed price pattern.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1090	1.1050	1.1000	1.0950	1.0900	1.0850