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EUR/USD showed a minor sell-off despite weak US CPI data. It hits a intraday low of 1.08758 and currently trading around 1.08929.
The U.S. Consumer Price Index (CPI) for February 2025 showed a 0.2% increase in the month, with the all-items index 2.8% higher on a year-over-year basis and the core CPI 3.1% higher. The key drivers were a 0.3% rise in the shelter index, a 4.0% decline in airline fares, and a 1.0% fall in gasoline prices, as well as a 0.2% increase in the energy index on higher electricity and natural gas prices. This data, indicating relatively flat but slightly below-target inflation, can influence Federal Reserve interest rate policy and the valuations of currency and stock markets
Technical Analysis of EUR/USD
The pair is holding above short and below the long-term moving average in the 4-hour chart. Near-term resistance is seen at 1.0950; a break above this may push the pair to targets of 1.1000. Major bullish momentum is likely only if prices are able to break above 1.1000 where levels of 1.1070/1.1150. On the downside, support is seen at 1.0850 any violation below will drag the pair to 1.0800/1.0750/1.0700/1.0660/1.0600/1.0500/ 1.0460.
Market Indicators and Trading Strategy
Commodity Channel Index (CCI)- Bullish
Average Directional Movement Index (ADX) - Neutral.
It is good to buy on dips around 1.0850 with a stop-loss at 1.0800 for a target price of 1.100.
