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EURUSD: to continue to uptrend, a breakout at 1.2144 is needed

The EURUSD pair took a breather and hovered near the flatline on February 10. The price action started off at 1.2115. In intraday trading, the pair declined to 1.2110, then rallied to 1.2140, and closed the session near the opening level. That said, the pair left the ascending channel in which it had been trading since last Friday.

The dollar halted its decline despite a string of lackluster US inflation data. The CPI for January, excluding food and energy, came in below expectations, both in annual (1.4% vs. 1.5%) and monthly (0.0% vs. 0.2%) terms.

The key pair has seen trendless trading during the first half of the day on February 11. After a pullback to 1.2110, an upturn followed to 1.2130, then the pair dropped to 1.2120. To continue the uptrend, the pair needs to break out of Wednesday’s high of 1.2144, while the market continues to trade sideways.

Today’s key macro release is weekly initial jobless claims, which is due out at 16:30 stateside.

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