EUR/USD treads water within key technical envelope, edges higher of late.
Three-week-old falling resistance line restricts immediate upside; 50-DMA, 100-DMA limit Euro pair’s fall.
ECB Economic Bulletin needs to defy recession woes, US CPI should print softer data to defend EUR/USD buyers.
EUR/USD portrays the tug-of-war between the bulls and the bears as the quote remains tightly gripped around the 1.0980 resistance amid early Thursday. In doing so, the Euro pair justifies the market’s cautious mood ahead of about the European Central Bank’s (ECB) monthly Economic Bulletin and the US States inflation data, per the Consumer Price Index (CPI) for July.
Also read: EUR/USD remains defensive above 1.0950, ECB Economic Bulletin, US inflation eyed
Technically, the Euro pair stays between a three-week-old descending resistance line and the 50-DMA support. However, the bearish MACD signals keep sellers hopeful ahead of the key data/events.
Though, the quote’s downside break of the 50-DMA support of 1.0955 won’t give a full hand to the bears as the 100-DMA level of around 1.0930 will act as the final defense of the buyers.
In a case where the EUR/USD drops below 1.0930, the odds of witnessing a slump towards the five-month-old rising support line, close to 1.0790 by the press time, can’t be ruled out.
On the flip side, a daily closing beyond the 1.0980 resistance can challenge the monthly high 1.1042 before targeting the tops marked in April and May surrounding 1.1100.
Following that, the 1.1150 and 1.1200 round figure may test the EUR/USD bulls before directing them to the yearly high marked late in July near 1.1275
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