• EUR/USD bulls are correcting the recent bearish impulse.
• Bears are lurking in the Fibonacci scale ahead of US CPI. 

EUR/USD is correcting higher from support ahead of what is a highly anticipated event today in the release of the US inflation data on Wednesday. The Consumer Price Index is likely to set the tone for markets, after stronger-than-expected jobs data last week.

EUR/USD daily charts

The bulls are moving in but the correction is gradual, meaning that there are prospects of an onward continuation of the bears moving in again after picking up at a premium. 

EUR/USD H1 charts

EUR/USD bulls are running into what could be a firm resistance near a 38.2% ratio.

Alternatively, a bullish commitment would likely see a far deeper correction toward the 61.8% ratio through 1.1000.