EUR/USD Price Analysis: Edges higher to near 1.0980 ahead of US CPI data

EUR/USD gains upward traction as the US Dollar declines on improved risk appetite.
The breakthrough above the barrier at 1.1000 could lead the pair to revisit the previous week's high at 1.1038.
The major support at 1.0950 could be retested as MACD suggests tepid momentum.

Akhtar Faruqui FXStreet

EUR/USD extends its gains on the second consecutive day, trading around 1.0980 during the Asian session on Thursday. The EUR/USD pair receives upward support as US Dollar (USD) faces challenges on risk-on market mood ahead of the US Consumer Price Index (CPI data.

The EUR/USD pair may encounter resistance at the psychological level of 1.1000. If there is a breakthrough above this level, it could potentially support the pair to revisit the previous week's high at 1.1038. Notably, the 14-day Relative Strength Index (RSI) for the EUR/USD pair has moved back above the 50 mark, indicating a bullish momentum in the market.

However, the Moving Average Convergence Divergence (MACD) line, though positioned above the centerline, is still below the signal line. This suggests a subdued momentum in the EUR/USD pair. Traders may exercise caution and await confirmation before making decisions in the pair, considering the mixed signals provided by the lagging indicator.

On the downside, the EUR/USD pair might revisit the immediate support at the major level of 1.0950, subsequent to testing the psychological level of 1.0900. A decisive breach of the latter could intensify downward pressure on the pair, potentially directing it towards the 50-day Exponential Moving Average (EMA) at 1.0888 and the 38.2% Fibonacci retracement level at 1.0867. A further downside could lead to a significant support level at 1.0850.

EUR/USD: Daily Chart

EUR/USD: more technical levels to watch

Overview
Today last price	1.098
Today Daily Change	0.0014
Today Daily Change %	0.13
Today daily open	1.0966

Trends
Daily SMA20	1.0982
Daily SMA50	1.0886
Daily SMA100	1.0765
Daily SMA200	1.0847

Levels
Previous Daily High	1.0973
Previous Daily Low	1.0923
Previous Weekly High	1.1046
Previous Weekly Low	1.0877
Previous Monthly High	1.114
Previous Monthly Low	1.0724
Daily Fibonacci 38.2%	1.0954
Daily Fibonacci 61.8%	1.0942
Daily Pivot Point S1	1.0935
Daily Pivot Point S2	1.0904
Daily Pivot Point S3	1.0885
Daily Pivot Point R1	1.0985
Daily Pivot Point R2	1.1004
Daily Pivot Point R3	1.1035

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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