US Inflation Soars, Sparking Euro Sell-Off and Renewed Recession Fears
• EUR/USD drops below 1.07 on higher-than-expected US inflation data, sparking market panic • German ZEW survey shows worsening assessment of current economic situation • US CPI rose 0.3% monthly and 3.1% annually, exceeding forecasts • EUR/USD facing firm bearish momentum below 1.07, could break lower • Technical analysis shows indicators turning sharply lower, reflecting solid selling interest