The EUR/USD pair tilted higher on Thursday morning as focus shifted to the upcoming US consumer price index (CPI) data.
Enter your emailBecause of the bullish flag and the cup and handle pattern, there is a likelihood that the pair will have a bullish breakout to above 1.1500.Timeline: 1-2 days.pair tilted higher on Thursday morning as focus shifted to the upcoming US consumer price index data.AdvertisementThe main catalyst for the EUR/USD pair will be the upcoming inflation figures that will come out on Thursday.
Excluding the volatile food and energy prices, analysts expect that inflation increased from 5.5% to 5.9%. Still, analysts believe that the real inflation is higher than what the official number is saying. For example, the prices of individual items that Americans buy often like cars, meat, and paint have risen by double-digits.
If the numbers are strong, it will give the Fed more impetus to continue tightening in its March meeting. Besides, recent data showed that the country’s labor market continued to tighten. The economy added over 467k jobs in January after adding another 550k in the previous month. The unemployment rate rose slightly to 4.0%.
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