- EUR/USD trades on a stronger note near 1.0937 ahead of German February CPI inflation data.
- The positive outlook of the pair remains unchanged above the key EMA; RSI indicator holds above the 50-midline.
- The first upside barrier is seen at 1.0965; the key support level will emerge at the 1.0895–1.0955 zone.
The EUR/USD pair gains momentum below the mid-1.0900s during the early European trading hours on Tuesday. Investors await the German Consumer Price Index (CPI) data for February, which is expected to remain steady at 0.4% MoM and 2.5% YoY in February. Furthermore, the Harmonized Index of Consumer Prices (HICP) is forecast to remain unchanged at 0.6% MoM and 2.7% YoY. At press time, EUR/USD is trading at 1.0937, up 0.11% on the day.
According to the four-hour chart, EUR/USD keeps the bullish vibe unchanged as the major pair is above the key 50- and 100-period Exponential Moving Averages (EMA) with an upward slope. Additionally, the Relative Strength Index (RSI), which stands in bullish territory above the 50-midline, supports the buyers for the time being.
On the bright side, the upper boundary of the Bollinger Band at 1.0965 acts as an immediate resistance level for EUR/USD. Any follow-through buying above this level will see a rally to a high of March 8 at 1.0981. The key upside barrier is seen at the 1.1000 mark, representing a psychological level and a high of January 11. The next hurdle is located at a high of December 22 at 1.1040.
On the flip side, the critical support level for a major pair will emerge at the 1.0895–1.0905 region, portraying the confluence of the 50-period EMA and the lower limit of the Bollinger Band. Further south, the next contention level to watch is the 100-period EMA at 1.0865, followed by a round mark and a low of February 22 at 1.0800.
EUR/USD four-hour chart
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