EUR/USD Price Analysis: Portrays bullish flag around 1.2200, focus on ECB, US CPI

EUR/USD grinds lower after a pullback from the weekly top.
Momentum indicator suggests firming of bullish bias, 1.2080 becomes the key support.

Anil Panchal FXStreet

EUR/USD stays pressured around 1.2180-75 amid the early Asian session on Thursday. The pair refreshed weekly top the previous day before reversing from 1.2218. The pullback prints a bullish flag pattern the daily (1D) play.

Given the gradual recovery of the Momentum line inside the positive territory, buyers remain hopeful.

However, February’s top near 1.2245 and previous support line from March 31 close to 1.2280 could probe EUR/USD uptrend even if the quote crosses the flag’s resistance line, close to 1.2210.

Alternatively, the pair’s further weakness will have a tough time breaking the 1.2085-80 support confluence, including 50-day SMA (DMA) and the stated flag’s lower line.

Also acting as strong downside support is the three-month-old horizontal area surrounding 1.1985-90.

Fundamentally, ECB should reiterate an upbeat economic outlook and the US CPI need not cross the forecast to back the EUR/USD buyers.

Read: European Central Bank Preview: Why June's decision presents a buy the dip opportunity

EUR/USD daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2177
Today Daily Change	0.0004
Today Daily Change %	0.03%
Today daily open	1.2173

Trends
Daily SMA20	1.2181
Daily SMA50	1.2066
Daily SMA100	1.2043
Daily SMA200	1.1988

Levels
Previous Daily High	1.2194
Previous Daily Low	1.2164
Previous Weekly High	1.2254
Previous Weekly Low	1.2104
Previous Monthly High	1.2266
Previous Monthly Low	1.1986
Daily Fibonacci 38.2%	1.2176
Daily Fibonacci 61.8%	1.2183
Daily Pivot Point S1	1.216
Daily Pivot Point S2	1.2147
Daily Pivot Point S3	1.213
Daily Pivot Point R1	1.219
Daily Pivot Point R2	1.2207
Daily Pivot Point R3	1.222

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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