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   “¢   The pair kept pushing higher through the mid-European session and tested an important confluence hurdle near the 1.1580-85 region, comprising of 50-day SMA and 38.2% Fibonacci retracement level of the 1.1815-1.1432 recent downfall.  

   “¢   The fact that the pair is holding comfortably above important intraday moving averages – 50, 100 & 200-hour SMA, bullish technical indicators on hourly charts point to an extension of the positive momentum.  

   “¢   However, indicators on the daily chart are yet to catch up with the positive momentum and hence, it would be prudent to wait for a convincing break through the 1.1580-85 confluence resistance before positioning for any further near-term up-move.

   “¢   Today’s release of the latest US consumer inflation figures might influence Fed rate hike expectations and eventually play an important role in determining the pair’s next leg of directional move.
 

EUR/USD daily chart

EUR/USD

Overview:
       Last Price:  1.1576
       Daily change:  55  pips
       Daily change:  0.477%
       Daily Open:  1.1521
Trends:
       Daily SMA20:  1.1625
       Daily SMA50:  1.1585
       Daily SMA100:  1.163
       Daily SMA200:  1.1925
Levels:
       Daily High:  1.1546
       Daily Low:  1.148
       Weekly High:  1.1625
       Weekly Low:  1.1464
       Monthly High:  1.1816
       Monthly Low:  1.1464
       Daily Fibonacci 38.2%:  1.1521
       Daily Fibonacci 61.8%:  1.1505
       Daily Pivot Point S1:  1.1485
       Daily Pivot Point S2:  1.1449
       Daily Pivot Point S3:  1.1419
       Daily Pivot Point R1:  1.1552
       Daily Pivot Point R2:  1.1582
       Daily Pivot Point R3:  1.1618