EUR/USD prints four-day uptrend as Purchasing Managers Indexes, European Central Bank talks loom EURUSD SEO ECB Fed PMI
data to fuel the EUR/USD pairs’ upside. That said, US Conference Board’s Leading Index for December, to -1.0% versus -0.7% expected and -1.1% prior, added weakness into the US Dollar.While aforementioned catalysts are active in pleasing the EUR/USD pair buyers, an increase in the US inflation expectations, as per the 10-year and 5-year breakeven inflationfrom the St. Louis Federal Reserve data, join the US-China tussles to challenge the upside.
Also keeping the EUR/USD buyers hopeful are the bullish signals from the Moving Average Convergence and Divergence indicator. However, the nearly overbought Relative Strength Index line, placed at 14, probe the upside bias. In addition to the 1.0920 hurdle, the EUR/USD bulls will also need validation from the recent multi-day top of near 1.0930, as well as April 2022 high near 1.0936, to keep the reins.
Alternatively, a downside break of the 10-DMA support of 1.0825 could drag the Euro bears towards the resistance-turned-support line from the mid-December, near 1.0650. That said, the previous weekly low and the December 2022 peak, respectively near 1.0765 and 1.0735, could also as the downside filters for the EUR/USD pair.EUR/USD: Daily chart
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