The EURUSD is trading higher after a softer-than-expected US CPI report triggered a broad USD selloff. The weaker inflation data reinforced market expectations for rate cuts, pushing the pair sharply higher. However, the rally stalled just below the key resistance from last week’s high, with today’s peak reaching 1.1489—just shy of the 1.14935 high from last week—forming a potential double top.
Earlier in the day, the price dipped but found strong buying interest at the rising 200-hour moving average, echoing support seen at last week’s lows. The 100- and 200-hour MAs, currently at 1.1421 and 1.1407 respectively, now serve as critical support. Staying above these levels keeps the bullish bias intact; a break below would tilt the bias back toward the downside.
Despite the CPI-fueled momentum, the inability to breach resistance suggests caution. Buyers need to push through the 1.14935–1.1500 zone to target the next upside level at 1.1516, followed by the 2025 high at 1.1573 (from April 21, not shown). On the downside, a break below the MAs would expose the 1.1371–1.1378 area, with further support at last week’s low of 1.13556.
Key levels:
Resistance: 1.1495, 1.1516, 1.1573
Support: 1.1421 (100-hour MA), 1.1407 (200-hour MA), 1.1371
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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