According to Omkar Godbole, EUR/USD is nearing the 1.12 supply zone, a level it has not surpassed since July 2023. The potential breakout is bolstered by recent US super core CPI data, which is at its lowest since May 2020. This aligns with falling market-based measures of inflation, such as the five and 10-year breakeven rates. Traders should monitor these developments as a breakout could push EUR/USD towards the next trendline at 1.20.