EURUSD is ranging right now after a mark down from its previous high. Market is managing to go bullish with the support level held. It is yet to form a higher high and higher low which would introduce a bullish trend on the pair. Market needs to move up before CPI as we expect numbers to be strong which will push the market up.

The descending trendline has broken out for buys and has been validated by the H4 price action.

There is no retracement indication on the pair as the mark up is yet to be corrected.

EMA 50 it touching the prices at the moment. If market breaks out from the EMA 50, we have a resistance. Once the EMA 50 turns bullish above the resistance level, it will be a sign of a bullish sign and to go up.

RSI is at 58. It needs to neutralize at the 50 level in order for the market to continue moving up.

Looking at EURUSD bounce ahead of CPI

Feb 14 2023