EUR/USD found some room higher but still lacks upside momentum

EURUSD image

The EUR/USD found some room on the high side on Friday, continuing a near-term recovery. However, the pair remains firmly planted on the low side of technical barriers and remains pinned below the 1.0800 price handle. German inflation figures brought nothing new to the table, confirming initial flash prints and an adjustment by the US Bureau of Labor Statistics (BLS) made anticipated changes to how seasonal adjustment is calculated in US Consumer Price Index (CPI) figures. Markets jostled after the BLS adjustment, but US inflation figures saw little change, keeping markets on balance for Friday.

The EUR/USD remains pinned on the south side of the 200-hour Simple Moving Average (SMA) just beneath 1.0800. Although the pair continues recovering into the upside from the early week’s bottom near 1.0725, topside momentum remains capped, with longer-term technical patterns remaining bearish. Despite posting three straight days of gains and on pace for a fourth, the EUR/USD remains on the bearish side of the 200-day SMA at 1.0833. The pair is still down over 3% from late December’s peak of 1.1140, and Euro bidders are struggling to lift the Euro off the floor of a nearly 4% decline into January’s bottom bids of 1.0722.


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