EUR/USD retracing on an upbeat US core CPI print – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook and key levels for EUR/USD, with the pair retracing from its daily high after US core CPI ticked higher to 1.8%.

Key Quotes

“The EUR/USD pair retraces from a daily high at 1.0847, reached early Europe as investors are still in favor of dumping the American currency.”

“The US inflation readings resulted at -0.1% in March compared to an year before, albeit the core reading ticked higher, up to 1.8%, triggering a dollar short term rally that is yet to prove its duration.”

“Nevertheless, the EUR/USD 1 hour chart shows that the price is finding some buying interest around its 20 SMA around 1.0770, whilst the technical indicators have turned lower in positive territory.”

“In the 4 hours chart indicators are also losing upward strength above their mid-lines, although the price stands above its moving averages, with the 20 SMA heading strongly up around 1.0700.”

“Support levels: 1.0770 1.0745 1.0710“

“Resistance levels: 1.0825 1.0870 1.0910”