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EUR/USD gaiend after US CPI data. It hit a high of 1.06293 and is currently trading around 1.05007.
The US Consumer Price Index (CPI) for November 2024 shows an annual inflation rate of 2.7%, matching economists' expectations. Consumer prices rose by 0.3% from the previous month, the largest increase in seven months. The core CPI, which excludes food and energy prices, remained steady at a year-over-year increase of 3.3%. Overall, these figures indicate stable inflation trends.
Technical Analysis Overview
The pair remained below both short-term (34 and 55-4H EMA) and long-term (200-4H MA) moving averages.
Resistance and Support Levels
Resistance Levels: Near-term resistance is at 1.0550. A breakout above this could push the pair towards targets at 1.0600/1.0660/1.070/1.0760/$1.0835, and possibly 1.0900. Major bullish momentum is expected only if prices surpass 1.1000, which would open the door to 1.1070 and 1.1150.
Support Levels: Immediate support is at 1.0480. A drop below this could lead to further declines to 1.0460/1.0435/1.0400/1.0370/1.0330/1.0240.
Indicator Insights
Indicator Insights (4-Hour Chart): The Commodity Channel Index (CCI) indicates a bullish trend, while the Average Directional Movement Index (ADX) suggests a neutral outlook.
Suggested Trading Strategy
Given the weak sentiment in technical indicators, a sensible strategy would be to sell on rallies around the 1.0550 mark, with a stop-loss at 1.0600 and a target price of 1.0435 for potential gains.
