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Euro/USD Price Analysis: Euro/USD Trading Above 1.1000 Ahead of US Inflation Data
Abstract：The market risk appetite has rebounded and the EUR/USD has found some relief above the key support level of 1.1000. Overall US inflation is expected to slow to 4.4%, while core inflation is expected to rise to 5.8%. ECB President Lagarde has opened the door for a rate hike of at least once. In the Asian session, the EUR/USD is trading...
Market risk appetite is increasing, with EUR/USD finding some relief above key support level of 1.1000.
US overall inflation is expected to slow down to 4.4%, while core inflation is projected to rise to 5.8%.
ECB's Lagarde opens the door for more than one interest rate hike.
The EUR/USD remains above the psychological support level of 1.1000 in the Asian market, while the US Dollar Index (DXY) hovers fragilely above 101.20, indicating a potential further upside in the EUR/USD.
Following the release of a moderate US non-farm payrolls (NFP) report, the market's focus has shifted to the US Consumer Price Index (CPI) data to be released on Wednesday. The overall US inflation is expected to ease to 4.4%, while the core inflation, excluding oil and food prices, is expected to rise to 5.8%.
Last week, the European Central Bank (ECB) announced a 25 basis point rate hike, abandoning the 50 basis point rate hike constraint previously imposed due to the sharp decline in European bank lending. However, ECB President Lagarde has opened the door to more rate hikes.
The EUR/USD showed a downward trend after failing to break the April 26 high of 1.1095. The pair has formed a double-top pattern, which will trigger a reversal only if it breaks below the adjacent support of 1.0942, the low of May 2. The 20-period Exponential Moving Average (EMA) at 1.1020 is currently acting as resistance.
In addition, the Relative Strength Index (14) has entered the range of 40.00-60.00. If the RSI falls below this range, the EUR/USD may experience further downside.
Looking ahead, if the EUR/USD falls below the May 2 low of 1.0942, it may face pressure and approach the April 12 low of 1.0915 and the April 10 low of 1.0837.
On the upside, if the EUR/USD breaks above the April 26 high of 1.1095, it may rally towards the 13-month high of 1.1185, followed by psychological resistance at 1.1200.
Overview:
Latest Price: 1.1022
Today's Intraday Change: 0.0002
Today's Intraday Change %: 0.02
Today's Opening Price: 1.102
Trend:
20-day Moving Average: 1.0989
50-day Moving Average: 1.0839
100-day Moving Average: 1.0782
200-day Moving Average: 1.0434
Levels:
Previous Day High: 1.1048
Previous Day Low: 1.0967
Last Week's High: 1.1092
Last Week's Low: 1.0942
Last Month's High: 1.1095
Last Month's Low: 1.0788
Daily Fibonacci Retracement Level 38.2%: 1.1017
Daily Fibonacci Retracement Level 61.8%: 1.0998
Daily Pivot Support Level 1: 1.0975
Daily Pivot Support Level 2: 1.0931
Daily Pivot Support Level 3: 1.0894
Daily Pivot Resistance Level 1: 1.1056
Daily Pivot Resistance Level 2: 1.1093
Daily Pivot Resistance Level 3: 1.1137
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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