The dollar is finding itself caught in a bad spot all across the board and EUR/USD is one of the main culprits. The pair broke above its April and May highs around 1.1075-95 yesterday and buyers are keeping that run going today.
EUR/USD weekly chart
The dollar was already vulnerable heading into the US CPI data and the inflation numbers pretty much solidified the next downside leg for the currency this week.
In the case of EUR/USD, the break above the resistance levels mentioned now sees a path towards testing the 200-week moving average (blue line) next at 1.1181 as well as the 1.1200 mark.
If buyers can pull above that, it will extend the momentum further towards 1.1400 with the January to February 2022 highs at 1.1482-95 a key region to watch as well.
