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EUR/USD firms near 1.1630 as traders await ECB and US inflation

EUR/USD is trading above the 4-hour 200-period EMA near 1.1579, with traders weighing the ECB outlook and US CPI and PPI later this week.

Reported · Written up by our desk · Major Pairs

EUR/USD is seeing renewed buying interest during the Asian session, trading around 1.1630, up about 0.05% on the day, but conviction remains limited and the pair is still contained within its weekly range, according to FXStreet.

Market focus is on the European Central Bank meeting on Thursday, where a 25 basis point rate hike is viewed as largely priced in, with attention shifting to the ECB outlook amid concerns about elevated inflation. Traders will then watch US Producer Price Index and Consumer Price Index releases on Thursday and Friday, respectively, for clues about the Federal Reserve’s policy path, while September Fed rate hike bets remain in play.

FXStreet also points to technical signals supporting a short-term bullish bias, with spot prices holding above the 200-period EMA on the 4-hour chart near 1.1579 and above the 38.2% Fibonacci level at 1.1609. Resistance is seen near 1.1698, then 1.1786, while a breakdown below 1.1609 would expose 1.1500 and the 1.1323 cycle low.

(The technical analysis in this story was prepared with the help of an AI tool.)

Latest closeEUR/USD 1.163 ▲0.0%

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