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Market News Analysis of the EUR/USD Price: Bidding Continues above 1.1000 Advance of US CPI

Analysis of the EUR/USD Price: Bidding Continues above 1.1000 Advance of US CPI

EUR/USD is retaining its breath above the key support level of 1.1000 as the risk-on sentiment persists. The headline US CPI is anticipated to decrease to 4.4%, while the core CPI is anticipated to increase to 5.8%. ECB Lagarde has left the door open for multiple additional interest rate increases.

TOP1Markets Analyst

2023-05-08

9861

EUR:USD.png

During the Asian session, the EUR/USD pair is maintaining its auction zone above the psychological support of 1.1000. The major currency pair looks to extend its gains as the US Dollar Index (DXY) appears to be vulnerable above 101.20.

After the release of the modest United States Nonfarm Payrolls (NFP) report, investors are transferring their attention to Wednesday's release of the US Consumer Price Index (CPI) data. The headline annual CPI is anticipated to decline to 4.4%, while the core CPI, which excludes crude and food prices, is anticipated to increase to 5.8%.

The European Central Bank (ECB) announced a 25 basis point (bps) increase in interest rates last week after abandoning its 50 basis point (bps) rate rise cycle in response to a sharp decline in credit distribution by European banks. Nonetheless, ECB President Christine Lagarde has left the door open for more than one additional rate increase.

After failing to surpass 1.1095 on April 26th, EUR/USD has shown a downward trend. The main currency pair has formed a Double Top chart pattern, which will be triggered upon a break below the immediate support of the May 02, 1.0942 low. At 1.1020, the 20-period Exponential Moving Average (EMA) acts as a barrier for the Euro.

In addition, the Relative Strength Index (RSI) (14) has moved into the range of 40.00-60.00. A decline below the same level would initiate the downward momentum.

A future decline below the May 2 low of 1.0942 will drive the asset towards the April 12 low of 1.0915 and the April 10 low of 1.0875.

In contrast, a definitive move above the high from April 26 at 1.1095 would propel the asset to a fresh 13-month high at 1.1185, followed by the round-level resistance at 1.1200.