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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 

 

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