By Areena FxEUR/USD is showing strength near 1.0937 ahead of the release of German February CPI inflation data. The pair maintains a positive outlook above important moving averages, with the RSI indicator indicating bullish momentum above the midline.
According to the four-hour chart analysis, EUR/USD remains bullish, trading above key 50- and 100-period Exponential Moving Averages (EMA), with the RSI in bullish territory above the 50-midline.
Immediate resistance for the pair is at 1.0965, followed by a potential rally to 1.0981. The major obstacle lies at the psychological level of 1.1000, with further hurdles at 1.1040.
Key support is anticipated around the 1.0895–1.0905 area, where the 50-period EMA and the lower Bollinger Band converge. Further downside support can be found at the 100-period EMA around 1.0865, followed by 1.0800.
Investors are keenly awaiting the German CPI data, expected to remain stable at 0.4% MoM and 2.5% YoY for February, along with the Harmonized Index of Consumer Prices (HICP), forecasted to be unchanged at 0.6% MoM and 2.7% YoY. EUR/USD is currently trading at 1.0937, marking a 0.11% increase for the day.