EURUSD: Continues to support the uptrend

EURUSD can be seen continuously receiving support in the news and yesterday was no exception. After the announcement of the US interest rate yesterday, the US Consumer Price Index (CPI) remained unchanged in October, contrary to expectations of a 0.1% increase, and the annual rate increased by 3.2%, lower than the 3.7% in the previous month.

Core inflation also slowed down more than expected. This combination weighed on the US Dollar (USD) and provided strong momentum to support the EURUSD pair, pushing it to its highest level in over a month and currently recording at 1.087 today.

Regarding chart analysis: This currency pair has just broken out of the previous uptrend channel. The next strong resistance level appears at 1.0900, and higher than that is at 1.0930. A correction to the 1.080 level may occur without posing a threat to the current upward trend cycle.

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