Market news
09.04.2024, 22:33

EUR/USD stays steady ahead of US CPI, ECB’s policy meeting

  • EUR/USD stable as markets await key economic events in the week.
  • Focus on US CPI, expecting inflation moderation monthly, annually.
  • ECB decision eyed, with rate adjustment speculation affecting Euro.

The Euro failed to gain traction against the US Dollar, registered minuscule losses of 0.02%, yet hovers at around the 1.0850 area, capped by dynamic support and resistance levels, namely daily moving averages (DMAs).

EUR/USD hovers around 1.0850, with markets eyeing upcoming economic releases

The economic docket was scarce on both sides of the Atlantic as market participants prepared for Wednesday's release of US inflation data and Thursday's European Central Bank (ECB) monetary policy decision.

The US Consumer Price Index (CPI) for March is anticipated to increase by 0.3% month-over-month, which is below the 0.4% increase in February, while annually, the CPI is expected to escalate from 3.2% to 3.4%. The core CPI, which excludes volatile food and energy prices, is forecasted to decrease from 0.4% to 0.3% month-over-month and from 3.8% to 3.7% year-over-year.

The ECB is expected to keep rates unchanged on April 11, but odds are increasing that President Lagarde and Co. will likely need to ease policy in June if they want to achieve a soft landing.

That would widen the interest rate differentials between the Eurozone (EU) and the US, favoring further EUR/USD downside.

EUR/USD Price Analysis: Technical outlook

With price action capped on the upside by the 100-DNA at 1.0872, buyers remain unable to challenge the 1.0900 figure, which could pave the way to challenge higher levels, like the March 21 high at 1.0942, followed by March’s 8 swings high at 1.0984. On the other hand, if sellers clear the confluence of the 50 and 200-DMAs at around 1.0830s, the EUR/USD could challenge the 1.0800 mark. Further downside is seen at the 1.0750 psychological level, ahead of the April 2 low of 1.0724.

EUR/USD

Overview
Today last price 1.0858
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 1.0859
 
Trends
Daily SMA20 1.0847
Daily SMA50 1.083
Daily SMA100 1.0874
Daily SMA200 1.0833
 
Levels
Previous Daily High 1.0862
Previous Daily Low 1.0821
Previous Weekly High 1.0876
Previous Weekly Low 1.0725
Previous Monthly High 1.0981
Previous Monthly Low 1.0768
Daily Fibonacci 38.2% 1.0846
Daily Fibonacci 61.8% 1.0837
Daily Pivot Point S1 1.0833
Daily Pivot Point S2 1.0806
Daily Pivot Point S3 1.0791
Daily Pivot Point R1 1.0874
Daily Pivot Point R2 1.0889
Daily Pivot Point R3 1.0915

 

 

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