Markets are quiet and sideways, mostly due to end of the month flows ahead of September when normal activity can be back, as most of the traders will return to their trading desks. However, slow price moves may not last long; we may see some interesting price actions already on Friday when US will release its jobs data. But before that, we have some inflation figures from the EU; the CPI flash. Its the first report so it may have an important impact on the EUR. The energy crisis is getting worse in the euro area, so its hard to believe that inflation is going to peak. ECB will most likely have to do a lot more to stabilize the prices. Maybe the 75 bp increase on one of their next meetings can help.
From an Elliott wave perspective, we see EURUSD in fourth wave consolidation, which can be a triangle, while 1.0093 holds so for now bears still remain in play. Recovery back above 1.01 will invalidate the look.
