EUR/USD: bullish trend intact into next week big events
|EUR/USD Current price: 1.0914
View Live Chart for the EUR/USD
The EUR/USD pair retreated once again from the 1.0950 region, but holds near the yearly high early US session, with the common currency backed by better-than-expected EU inflation figures. According to the official release, April preliminary CPI came in at 1.9% from 1.5% in March, whilst core inflation, which excludes food and energy volatile prices, rose by 1.2% yearly basis, up from previous 0.8%, the highest level since September 2013, revamping speculation of ECB's tapering before the year end. US Q1 GDP was a miss, in line with market's sentiment, but the greenback appreciated modestly after the release, rather on profit taking and due to investors being wary to push the pair higher, than on solid demand for the American currency.
Technically, the 4 hours chart shows that upward potential is limited, given that selling interest around the mentioned high remains strong, whilst technical indicators turned back lower, the Momentum within negative territory and the RSI at 58, whilst the price hovers around a horizontal 20 SMA. Despite the short term outlook, the background stance favors another leg higher, maybe for early next week, as long as 1.0820, the weekly low, contains slides.
Support levels: 1.0855 1.0820 1.0790
Resistance levels: 1.0950 1.1000 1.1045
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.