EURUSD remains directionless as CPI fails to inspire

With the expectation that the US inflation report will spark a clear move for the EURUSD , the price has remained within a channel as traders anticipate a breakout. The latest US inflation report came out hotter than expected, dampening expectations of an early rate cut by the Fed’s. The impact of the report saw the US dollar experienced a short-lived rally as the markets continued to ponder the Fed’s next move.

Markets will now look upon the PPI reports due later in the day to drive the markets. The EURUSD breakout is imminent with lots of levels to be exposed either to the upside or the downside.