EUR/USD Price Analysis: Treads water around 1.0920 ahead of Eurozone HICP data

EUR/USD extends its gains ahead of inflation data from the Eurozone.
Technical indicators suggest positive sentiment to aim for the significant level at 1.1050.
1.0900 acts as key support followed by the seven-day EMA and the 23.6% Fibonacci retracement level.

Akhtar Faruqui FXStreet

EUR/USD attempts to extend its gains for the second consecutive session, hovering around 1.0920 during the Asian hours on Tuesday. The anticipated Harmonized Index of Consumer Prices (HICP) data from the Eurozone on Tuesday is expected to remain unchanged across all levels. This moderate inflation outlook might contribute to the stability of the EUR/USD pair.

However, the technical indicators for the EUR/USD pair suggest a favorable upward trend. The 14-day Relative Strength Index (RSI) maintaining a position above the 50 mark signals positive sentiment, indicating a potential re-test of the psychological resistance at the 1.1000 level, followed by the two-month high at 1.1017.

Moreover, the Moving Average Convergence Divergence (MACD) reinforces the overall positive momentum, with the MACD line positioned above the centerline and the signal line. As a lagging indicator, it signals a confirmation of the potential upward trend.

The prevailing bullish sentiment, supported by the MACD, could empower the EUR/USD pair to surpass the current barrier and aim for a significant level at 1.1050.

Looking at the downside, the psychological support at 1.0900 emerges as a crucial level, followed by the seven-day Exponential Moving Average (EMA) at 1.0893 and the 23.6% Fibonacci retracement level at 1.0884.

Should there be a decisive break below the latter, it might intensify bearish pressure on the EUR/USD pair, leading to a potential move towards the psychological area surrounding the 38.2% Fibonacci retracement at 1.0801.

EUR/USD: Daily Chart

EUR/USD: more technical levels

Overview
Today last price	1.0925
Today Daily Change	0.0005
Today Daily Change %	0.05
Today daily open	1.092

Trends
Daily SMA20	1.0877
Daily SMA50	1.0746
Daily SMA100	1.0754
Daily SMA200	1.0831

Levels
Previous Daily High	1.0931
Previous Daily Low	1.0892
Previous Weekly High	1.1009
Previous Weekly Low	1.0742
Previous Monthly High	1.1017
Previous Monthly Low	1.0517
Daily Fibonacci 38.2%	1.0916
Daily Fibonacci 61.8%	1.0907
Daily Pivot Point S1	1.0897
Daily Pivot Point S2	1.0875
Daily Pivot Point S3	1.0858
Daily Pivot Point R1	1.0936
Daily Pivot Point R2	1.0953
Daily Pivot Point R3	1.0976

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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