EUR/USD Poised for Bullish Momentum Amid Anticipated Inflation

EUR/USD Technical Analysis

Current Outlook: EUR/USD is currently consolidating near the pivot line of 1.1000. The price has shown signs of holding above this key level, suggesting a possible bullish reversal. A sustained move above this level will favor an upward trend, while a failure to hold could lead to further downside pressure.

Best Scenario: The uptrend scenario is the best option, primarily due to the anticipated U.S. inflation data, expected to come in at 2.6%. This data could lead the Federal Reserve to cut interest rates, which would weaken the USD and support a rise in EUR/USD. If the price stabilizes above the pivot level at 1.1000, it is expected to move towards the first resistance level at 1.1110, with further potential to reach 1.1240.

Key Levels:
Pivot Point: 1.1000
Resistance Levels: 1.1110, 1.1168, 1.1240
Support Levels: 1.0949, 1.0913, 1.0861

Expected Range Today: The price is expected to move between 1.1000 and 1.1110.

Overall Trend: The overall trend is bullish as long as the price remains above 1.1000. A break below this level could shift the trend to bearish, targeting the next support levels.