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01.03.202116:03 Forex Analysis & Reviews: EUR/USD analysis for March 01 2021 - Potential for another downside movement towards 1.1960

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Germany February preliminary CPI +1.3% vs +1.2% y/y expected

Prior +1.0%

CPI +0.7% vs +0.5% m/m expected
Prior +0.8%

HICP +1.6% vs +1.6% y/y expected
Prior +1.6%
HICP +0.6% vs +0.5% m/m expected
Prior +1.4%

This fits with expectations from the state readingsearlier, as German inflation ticks a little higher in February. Base effects and higher input cost inflation are also part of the story here, so that sort of distorts the true nature of the rise.

Expect a ore choppy (and potentially higher) trend in 1H 2021 but policymakers at the ECB should continue to brush that aside as they have done so far this year.

Further Development

Analyzing the current trading chart of EUR/USD, I found that EUR/USD tested our downside target at 1,2030.

Stochastic oscillator is in oversold zone so there is potential for corrective rally first and then another downside wave.

Key Levels:

Resistance: 1,2068

Support levels: 1,2030 and 1,1957

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