Jakarta, GIC Trade – EUR/USD currency pair In Thursday's trading, the European session rose to a new monthly high above 1.1000. Meanwhile, the Final CPI in Germany matched the initial reading in March. 

EUR/USD is now targeting the 2023 peak price at 1.1032. EUR/USD rose for the third straight session and has continued to move upwards so far in Thursday's trading, amid continued weakness in the greenback and positive sentiment towards risky assets.
 
Meanwhile, hawkish rhetoric from European central bank (ECB) policymakers continues to support the pair's continued recovery against the backdrop of divided opinion on the size of the next rate hike at the May meeting.
 
In the economic calendar, the final inflation figures in Germany show that the CPI rose by 7.4% in the year to March and 0.8% compared to the previous month. 
 
Meanwhile, the price action around the single currency should continue to follow the dynamics of the dollar, as well as the Fed-ECB divergence that is just starting to be related to the potential for further interest rate movements.
 
Looking ahead, hawkish ECB talks continue to support further rate hikes, although this view appears to contrast with the loss of economic fundamental momentum in the region.
 
Fundamentally, the ECB's hawkish talks regarding a sustained increase in the benchmark interest rate continue to support the euro to move further up. Then how technically, see the following analysis:
 
Technical Analysis

 
EUR/USD on the 1-hour period is trying to move further upwards needs to break through the resistance level at 1.10460 towards the next resistance level at 1.10930. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 4.5 than the USD figure of 1.1. Meanwhile, the increase is also supported by a buy signal indicated by a green arrow.
 
This Forex and Commodity Analysis is a fundamental and technical view used by the author, not a suggestion or a solicitation. To get more information click on the image below.