EURUSD continues to fluctuate in a narrow range, not creating new notable signals. However, the fact that the price has accumulated for too long around the lower border of the rising channel combined with the previous strong falling wave shows that the risk of breakdown is increasing. Bulls need to keep SL below 1.09 for existing long positions, guarding against the possibility of a price decline. If this happens, the short-term target for bears is around 1.075.
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The report released late last week showed that US producer prices fell unexpectedly in December. The data has traders betting that the Fed will cut 166 basis points this year instead previously priced 150 basis points.
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