On Wednesday, the euro area CPI numbers are due. Core is expected to have accelerated to 1.1% from 1.0% YoY in March. CPI is forecast to increase by 1.4% from 1.1%. Should the consumer prices really show a faster growth, the euro will get a boost as strong numbers is the key precondition for the ECB to exit stimulus and start raising interest rates.
Another key event for EURUSD this week is Friday’s US NFP report. The dollar could rally if employment and increase as it will be a signal for stronger . Therefore, the in the pair may increase substantially during this week and the euro may break the current trading range. On the upside, the key is the 1.2350 hurdle. A break above will open the way to the next target 1.2420. Meanwhile, below 1.2280 the price will slide to 1.2240 and 1.22.