EUR/USD Edges Higher To Near 1.0980 Ahead Of US CPI Data

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  • 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.
  • 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


    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

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