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11 Jan 2024

EUR/USD Price Analysis: Edges higher to near 1.0980 ahead of US CPI data

  • 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

 

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