- EUR/USD broke to three-week highs this Thursday as the European Central Bank’s (ECB) minutes showed opposition to QE (Quantitative Easing).
- In the United States, the Core Consumer Price Index (CPI) matched analysts’ expectations at 2.4% YoY and EUR/USD eased from daily highs.
EUR/USD daily chart
On the daily chart, the shared currency is trading in a bear trend below its main daily simple moving averages (DSMAs). This Thursday in Europe, the European Central Bank’s (ECB) minutes showed opposition to QE sending EUR/USD above the 1.1000 figure. However, in the New York session, the US Core Consumer Price Index (CPI) came out at 2.4% YoY matching forecasts and EUR/USD eased about 25 pips from daily highs.
EUR/USD four-hour chart
EUR/USD is consolidating the recent move up to the 1.1025 resistance. The spot is trading above its main SMAs, suggesting bullish momentum in the medium term. If the market holds above the 1.1000/1.1025 support zone, EUR/USD can attempt to run towards the 1.1080 level on the way up, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
The Fiber is trading above its main SMAs, suggesting bullish momentum in the near term. Support can be seen at the 1.1000 and 1.0976 support level. A daily close below those levels could mitigate the short term bullish bias.