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EUR/USD has edged further lower, inching toward 1.0550. Euro continues to find little support in broader markets. EU GDP, US PPI inflation updates due Thursday. EUR/USD continued to drift into the basement on Wednesday, clipping into a 54-week low and settling within touch range of 1.0550. Fiber continues to shed weight on the charts as broader FX markets pivot full-bore into holding the Greenback.  US Consumer Price Index (CPI) inflation figures came in stickier than many had hoped, but still well within median market forecasts, helping to keep investor sentiment elevated. Headline CPI held steady at 0.2% MoM as expected, while annualized headline CPI inflation accelerated to 2.6% YoY from the previous 2.4%, as markets predicted. Core CPI inflation also met market expectations, holding at 0.3% MoM and 3.3% on an annualized basis. Euro traders will be looking ahead to pan-EU Gross Domestic Product (GDP) growth figures due early Thursday; final GDP growth is unlikely to buck the previous preliminary figures, and EUR bulls will have their fingers crossed that final GDP in the third quarter will stick to 0.4% QoQ, while the annualized figure is forecast to hold steady at a thoroughly unremarkable 0.9% YoY. Also coming up on Thursday will be a fresh print of US Producer Price Index (PPI) business level inflation, which is forecast to accelerate in October to 3.0% from 2.8% YoY.  EUR/USD price forecast The EUR/USD daily chart reveals a strong bearish trend, as the pair trades firmly below both the 50-day (blue line) and 200-day (black line) exponential moving averages (EMAs), currently at 1.0882 and 1.0884, respectively. This alignment, with the 50-day EMA below the 200-day EMA, signifies a bearish outlook in both the short and long term. The recent sell-off has pushed the pair closer to a significant psychological level at 1.0550,…

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Filed under: News - @ November 13, 2024 11:17 pm