If you are serious about trading, key economic releases like the US CPI data provide an opportunity after the fact. They provide a more risky opportunity before the fact.
Risk focuses traders will therefore look at the price action and tools applied to that price action and define levels that will increase the bullish bias or increase the bearish bias. The hope is the data comes out, the price moves higher or lower, and the “breaks out” given the data. The event risk is less if you know the data. It is just the market/price risk.
In this video, I do a deep dive in the EURUSD and outline/show/explain why certain levels above and below the current levels are SO important after the fact. It is then up to us to be aware and be prepared and believe in the moves – after the facts are known.