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technical analysis

Risk sentiment was back on the table as equities retreated off fresh highs made earlier into the week. The declines came after news reports revealed that US airstrikes had killed Iran’s top military commander.

Iran vowed to retaliate, sparking tensions once again. President Trump said the US would avoid a war at all costs, but that it also stands ready to declare it if necessary.

German & French Inflation Exceed Forecasts

The preliminary inflation report for Germany and France came out better than the forecasts. Germany’s headline inflation rose 0.5% on the month, beating estimates of a 0.4% increase.

French inflation rose 0.4%, beating estimates of 0.3%. This is only the preliminary report for the month of January.

EURUSD Finds Support at 1.1131

The common currency extended declines to establish support near the 1.1131 level. Price action quickly rebounded off this level. However, the EURUSD remains range bound within 1.1177 and 1.1131 region.

A breakout from this range is needed...

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