Home EUR/USD technical analysis: Euro hangs at three-week highs after US CPI and ECB
Forex News Today: Daily Trading News

EUR/USD technical analysis: Euro hangs at three-week highs after US CPI and ECB

  • EUR/USD is hanging at three-week highs at the start of the New York session.  
  • The US Core Consumer Price Index (CPI) met expectations at 2.4% YoY.  
  • In Europe, the European Central Bank’s (ECB) minutes showed opposition to QE.  
 
 
 

EUR/USD daily chart

 
 
On the daily chart, the shared currency is trading in a bear trend below the main daily simple moving averages (DSMAs). Earlier in Europe, the European Central Bank’s (ECB) minutes showed opposition to QE sending EUR/USD above the 1.1000 figure. In the New York session, the US Core Consumer Price Index (CPI) met expectations at 2.4% YoY.  
 
 
 

EUR/USD four-hour chart

 
EUR/USD broke above the 1.1000 figure and hit the 1.1025 resistance while trading above its main SMAs. If the market holds above the 1.1000/1.1025 zone, a run to 1.1080 can be on the cards, according to the Technical Confluences Indicator.  
 

EUR/USD 30-minute chart

 
 
EUR/USD is trading above its main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.1000 and 1.0976 support level. A daily close below the 1.1000 figure would alleviate the short term bullish bias.
 

Additional key levels  

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.