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EURUSD : Waiting For Breakout From Consolidation Range

EUR remained weak against US Dollar after the Eurostat released lower than expected CPI data for the euro zone. This is considered as the Eurozone’s most important inflation data because it is used as the central bank’s inflation target. By looking at the hourly chart it seems like the pair is consolidating between the two contracting trend lines. It lost some ground and found support on the support trend line. According to the data the euro zone consumer price inflation rose .3% last month missing the expectations of .4% increase following a 1.1% decrease in January. YOY consumer price inflation rose .7% in February missing the economists expectations for a .8% increase. Soon US is going to release Industrial production and Capacity Utilization rate data at 9:15 AM EDT which might help EURUSD to breakout from any of the trend lines.