forex analysis eur/usd today: eur/usd managed to rise slightly to 1.0600

EUR/USD forex analysis today - both the currency pairs picked up bids to refresh intraday high around 1.0580-85 as they printed mild gains to consolidate the biggest monthly slump during Wednesday morning.

Thus, the Euro pair seems to be gearing up for its first reading of the German headline inflation figure for February, the HICP which is expected to come in at 0.7% month-on-month (MoM) versus 0.5% previously. Our EUR/USD forex analysis today is compiled directly from the report from fxstreet.com. Several failures of the quote to cross the 50-bar EMA combine with the receding bullish bias of the MACD signals to support traders. Even if the EUR/USD price breaks through the 50-EMA hurdle around 1.0620, and the downward sloping resistance line from mid-February and the 200-EMA, along with 1.0640-95 in that order, it could challenge the currency pair buyers. It is worth noting that several levels marked since January 9 highlight the 1.0765-70 horizontal area as the last line of defense against the downside in today’s EUR/USD forex analysis. Meanwhile, a two-month-old rising support line near 1.0545 could limit the pair’s near-term declines. Following that, lows marked during last month and January, around 1.0530 and 1.0480 in that order would surely lure EUR/USD bears. Adding to the downside filters are lows marked during late December 2022 around 1.0450.

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This analysis is based on fundamental and technical views from reliable sources and does not constitute advice or an invitation. Always remember that this content aims to enrich the reader's information. Always conduct your own research first regarding other forex information as a reference in your trading.