EUR/USD Price Analysis: Bulls keep the reins ahead of US inflation

EUR/USD stays firmer around seven-month high, approaching mid-2022 top.
Nearly overbought RSI challenges buyers as they brace for key hurdles.
Looming bull cross on MACD, clear upside break of one-month-old descending trend line favor bulls.
EUR/USD buyers can aim for ascending trend line from mid-November on crossing 1.0805.

Anil Panchal FXStreet

EUR/USD bulls take a breather around the highest levels since June 2022, marked the previous day, as they brace for the key US Consumer Price Index (CPI) data for December during early Thursday. In doing so, the major currency pair prints mild gains around 1.0775 by the press time.

A successful break of a descending trend line from December 15, 2022, around 1.0685 by the press time, joins the looming bull cross on the MACD to keep buyers hopeful. However, the RSI (14) line is near the overbought conditions and suggests limited upside room for the pair.

As a result, the May 2022 peak of 1.0786 appears a major challenge for the EUR/USD bulls, a break of which will highlight the March 2022 bottom surrounding 1.0805 as the next key hurdle for the upside momentum.

In a case where the EUR/USD pair manage to remain firmer past 1.0805, the odds of witnessing a run-up towards a two-month-old ascending resistance line, close to 1.0965 at the latest, can’t be ruled out.

On the flip side, pullback moves may initially aim for a December 2022 high of 1.0736 before resting on the resistance-turned-support line near 1.0685.

In a case where EUR/USD remains bearish past 1.0685, a downward trajectory towards the monthly low of 1.0483 can be witnessed.

EUR/USD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	1.077
Today Daily Change	0.0016
Today Daily Change %	0.15%
Today daily open	1.0754

Trends
Daily SMA20	1.0635
Daily SMA50	1.0463
Daily SMA100	1.0173
Daily SMA200	1.0311

Levels
Previous Daily High	1.0776
Previous Daily Low	1.0726
Previous Weekly High	1.071
Previous Weekly Low	1.0483
Previous Monthly High	1.0736
Previous Monthly Low	1.0393
Daily Fibonacci 38.2%	1.0757
Daily Fibonacci 61.8%	1.0745
Daily Pivot Point S1	1.0728
Daily Pivot Point S2	1.0701
Daily Pivot Point S3	1.0677
Daily Pivot Point R1	1.0778
Daily Pivot Point R2	1.0803
Daily Pivot Point R3	1.0829

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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