Immediate resistance is offered at $1.34023, while a move above the 50-day Exponential Moving Average (EMA) at $1.33755 could push the pair higher towards $1.34297.
On the downside, support is seen at $1.33348 and $1.33117. A break below these levels could lead to further declines towards $1.32799, in line with the 200-day EMA.
The short-term outlook remains cautiously bullish above $1.33622, but a break below could trigger a bearish move.
Euro Stable Amid Mixed PMI Data; CPI estimates in pictures
The euro held steady while German CPI data was flat at 0.0%, missing the 0.1% forecast. Manufacturing PMI figures showed mixed results, with Spain’s PMI rising to 53.0, while Italy and France lagged behind at 48.3 and 44.6 respectively.
Investors now await the Flash Estimate of the Eurozone’s core CPI, which is expected at 2.7%. A higher-than-expected reading could boost the euro by signaling inflationary pressures, which could influence the European Central Bank’s future policy decisions.
EUR/USD Technical Forecast
The EUR/USD is trading at $1.11371, up modestly by 0.04% in today’s session. The pair remains above its pivot point at $1.11267, providing solid support. A rising trendline indicates the potential for further buying momentum if the price remains above this level.