EURUSD

The EURUSD pair, which rose with the weakness created by the better-than-expected US inflation data yesterday, will seek direction today with data coming from the US. The markets will look for confirmation of yesterday's CPI data in the Producer Price Index (PPI) and Unemployment Claims data to be released at 15:30 GMT. A lower-than-expected PPI and higher unemployment claims could support the rise in the pair by strengthening expectations for a Fed rate cut. In this scenario, breaking the 1.15327 (Resistance 1) level would target 1.15632 (Resistance 2). Conversely, if strong data leads to a recovery in the dollar, the level of 1.14387 (Support 1) below the pivot level of 1.14691 may be tested.