EUR/USD Forecast: Bullish momentum accelerates as US inflation misses
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UNLOCK OFFEREUR/USD Current Price: 1.2134
- German CPI confirmed at 1.6% YoY in January, US one at 1.4% YoY.
- Wall Street trades at record highs ahead of the opening, weighing on the dollar.
- EUR/USD stands near a daily high of 1.2143 and could extend its advance.
The EUR/USD pair maintains its positive stance, although trading just a few pips above Tuesday’s high. The pair peaked at 1.2143 so far today, as the market’s mood remains positive, but without relevant headlines that can spur some action in financial markets.
Germany published January inflation figures, which confirmed the preliminary estimates. The annual CPI printed at 1.6%, while in the month, it was up by 1.4%. The US also published its January inflation data, which came in as previously estimated, but below the expected upward review. The annual CPI came in at 1.4%, while the core reading suffered a downward revision to 0%.
EUR/USD short-term technical outlook
The EUR/USD pair grinds higher, as the greenback came under pressure following the release of tepid US data, while Wall Street reaches fresh all-time highs ahead of the opening. From a technical point of view, the pair is poised to extend its advance in the near-term. The 4-hour chart shows that it keeps running above its 20 and 100 SMA, with the shorter one accelerating north. Technical indicators turned higher in overbought readings, reflecting increasing buying interest.
Support levels: 1.1970 1.1925 1.1885
Resistance levels: 1.2170 1.2215 1.2260
EUR/USD Current Price: 1.2134
- German CPI confirmed at 1.6% YoY in January, US one at 1.4% YoY.
- Wall Street trades at record highs ahead of the opening, weighing on the dollar.
- EUR/USD stands near a daily high of 1.2143 and could extend its advance.
The EUR/USD pair maintains its positive stance, although trading just a few pips above Tuesday’s high. The pair peaked at 1.2143 so far today, as the market’s mood remains positive, but without relevant headlines that can spur some action in financial markets.
Germany published January inflation figures, which confirmed the preliminary estimates. The annual CPI printed at 1.6%, while in the month, it was up by 1.4%. The US also published its January inflation data, which came in as previously estimated, but below the expected upward review. The annual CPI came in at 1.4%, while the core reading suffered a downward revision to 0%.
EUR/USD short-term technical outlook
The EUR/USD pair grinds higher, as the greenback came under pressure following the release of tepid US data, while Wall Street reaches fresh all-time highs ahead of the opening. From a technical point of view, the pair is poised to extend its advance in the near-term. The 4-hour chart shows that it keeps running above its 20 and 100 SMA, with the shorter one accelerating north. Technical indicators turned higher in overbought readings, reflecting increasing buying interest.
Support levels: 1.1970 1.1925 1.1885
Resistance levels: 1.2170 1.2215 1.2260
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