EUR/USD price extends gains near two-day high ahead of U.S. inflation data
EUR/USD price has gained momentum this week, surging 0.8% yesterday and breaking above the 1.0330 resistance level to reach a two-day high of 1.0380.
The bullish run has continued into Wednesday’s European session, with the pair rising another 2%, pushing toward the previous day’s high. If this strength holds, EUR/USD is on track for its third consecutive day of gains. However, the 50-day EMA at 1.0430 poses a key resistance level that could cap further upside.
The rally comes ahead of the U.S. Consumer Price Index (CPI) release, scheduled for 13:30 GMT. Forecasts suggest an annual inflation rate of 2.9% in January, unchanged from the previous month. Core CPI, which excludes volatile food and energy prices, is expected to remain at 3.1% above the Federal Reserve’s target. On a monthly basis, both headline and core inflation are projected to rise by 0.3%. While the data is unlikely to trigger an immediate shift in Fed policy, any deviation from expectations could impact the US dollar’s short-term trajectory.
EUR/USD price dynamics (November 2024-February 2025). Source: TradingView.
RSI signals limited bullish momentum despite EUR/USD breakout
On the technical front, EUR/USD’s breakout above 1.0330 has turned this level into near-term support. If the price weakens, this area will be closely watched for a potential bounce. Meanwhile, the RSI has recovered from bearish territory but remains below neutral levels, suggesting that bullish momentum may be limited.
With the CPI report on the horizon, traders will be watching for any price reactions that could confirm or challenge the recent bullish trend. A sustained move above 1.0430 could reinforce further upside potential, while failure to clear resistance may lead to a pullback toward support.
The U.S. dollar gained traction following Trump’s decision to raise tariffs on steel and aluminum imports. EUR/USD price stalled below 2024 low due to dollar strength on trade tariffs.
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