EURUSD Potential Buy DXY Short US CPI Shows Inflation Spike

Today the US CPI economic report showed a sharp rise in inflation Core CPI (MoM) (Aug) Act: 0.6% Cons: 0.3% Prev.: 0.3%
and YOY  CPI (YoY) (Aug) Act: 8.3% Cons: 8.1% Prev.: 8.5% most likely fueling a large interest FED rate hike at the end of this month. On the 4 hour chart EURUSD has come into a near oversold position that may potentially be a good buy. RSI dipped down to the 30s but has since gapped up. The near half period MACD is approaching a bullish signal showing some buy momentum coming in potentially for now. The 1 hour and 2 hour default MACD approaches bullish momentum as well. I will be looking for a potential long buy here with a target of 30 pips.

Ilyas Khan Top1 Markets