EUR/USD:
The euro surged by 180 points after the US inflation data, which slowed more than expected. The single currency surpassed the target range of 1.0834/50, which currently acts as support. After a brief market pause, we expect the quote to rise to the next embedded line of the price channel in the range of 1.0937/46. Next, we expect it to move towards the Fibonacci level in the area of the target level of 1.1096 (April high).
Overall, the situation suggests that the euro is heading for long-term uptrend, so the pair may also surpass July's high at 1.1276. But it is too early to talk about it because geopolitics is currently the main driving force of the markets, and another hot conflict between China and Taiwan is looming on the world map. If this happens, we will witness the creation of a fundamentally new global financial architecture.
On the 4-hour chart, we see an uptrend. The Marlin oscillator may discharge a bit, exit the overbought territory, and then continue to rise with new strength. The previously mentioned range of 1.0834/50 acts as support for the correction.