Looking at the EURUSD weekly chart, we can see after the momentary dip on November 5th, it managed to hold the 1.158 and climb towards 1.16, but yesterday’s CPI announcement triggered the negative reaction, the spike in the negative momentum and with a -1.2% drop to the 1.148 price range as a result. Today, November 11th it is currently trading in the 1.147 range, attempting to claim it as support.
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Today we could expect an extension of the short-term trend and move below the 1.147 price range, as the short-term negative momentum is very much in play.
If however, it manages to hold its current level then a case for consolidation at the 1.147 price range can be expected.
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