On the upside, resistance is seen at $1.32947, and clearing this level could open the way to $1.33130. The 50-day Exponential Moving Average (EMA) at $1.33284 and the 200-day EMA at $1.33290 indicate that the pair remains under bearish pressure.
For now, the outlook remains neutral to bearish unless GBP/USD can climb above the pivot point, turning sentiment more positive.
The euro remains stable while the core CPI meets expectations
The Core CPI Flash Estimate for the euro remained stable at 2.7%, in line with expectations, while the overall CPI stood at 1.8%. Investors are now looking at the upcoming PMI data for the Eurozone services sector, with figures from Spain, Italy, France and Germany due.
Strong activity in the services sector could boost sentiment for the euro, but any weakness could limit gains and heighten concerns about economic growth in the region.
EUR/USD Technical Forecast
The EUR/USD pair is trading slightly lower at $1.10592, down 0.07% from the session, reflecting cautious sentiment. The pair has fallen below its pivot point at $1.10687 and now serves as an immediate resistance level.