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EUR/USD Price Analysis – Price Remains Bullish Ahead of Key Inflation Report Releases

  • 3 mins read ●
  • Published:
eur usd 1

The technical outlook for the EURUSD is currently bullish; however, investors remain hesitant as they await key inflation reports on Thursday and Friday.

Key Points

  • EUR/USD has continued to move upward over the last week.
  • Key inflation reports across both the Eurozone and the United States are set to be released at the end of the week.
  • The 1.08547 support level remains key for the pair in the short term.

EUR/USD Daily Price Analysis: 27/02/2024

The EUR/USD has sustained its mostly bullish streak for over a week. Yesterday was no exception, with the pair gaining 0.28%. Today, the pair edged slightly, posting a 0.11% rise to its current price of $1.0863.

The rest of the week brings key inflation updates from Europe and the United States. Individual consumer price reports for Germany, France, and Spain will be released on Thursday. Investors and analysts will be closely watching for signs of rising prices, a key concern for central banks. The main event for Europe arrives on Friday with the release of the Eurozone’s February consumer price index (CPI).

Meanwhile, across the Atlantic, the core Personal Consumption Expenditures (PCE) index is also scheduled for release on Thursday. Forecasts predict a 0.4% increase in the PCE index for January.

On the technical front, the bullish streak the EUR/USD has had helped it to cross the 50-EMA to the upside. The RSI has also crossed the midpoint line into the bullish zone. These point to a bullish outlook for the pair. Nevertheless, this run is still relatively new and yet to be tested by key news releases, so we advise investors to approach it cautiously.

eur usd daily chart
EUR/USD Daily Chart – 27/02/2024

EUR/USD Intraday Price Analysis – 27/02/2024

Looking at price charts, the recent bullish charge is clearer on the 1-hour chart. In recent days, the pair has broken out of multiple resistance levels. Right above the price is the $1.08600 resistance level, which seems to be a crucial one. A break out of this resistance level could push the price to the $1.08886 swing high. 

If the resistance remains solid and forces the price back down, a lower timeframe support will try to hold the price at $1.08547. If this level fails, though, another 15-minute support awaits at $1.08450 before a daily support level of $1.08396.

Other daily support levels are $1.08155, $1.08044, and $1.07899. For there to be a solid bearish claim on the pair, the $1.07899 is the level to fall below.

eur usd hourly chart
EUR/USD 1H Chart – 27/02/2024

Key Economic Data for the EUR/USD Pair – 27/02/2024

At 8:30 GMT-5, the United States will release its Core Durable Goods Orders data for January. Also, today, the CB Consumer Confidence is scheduled to be released, and the Fed Vice Chair for Supervision Barr speaks. 

Visit our Economic Calendar

EUR/USD Key Fibonacci Price Levels 27/02/2024

Based on the 1hr chart, the key Fibonacci price levels for EUR/USD are these:

eur usd 1h fib
EUR/USD 1H Chart Fibonacci – 27/02/2024

Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.

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