EURUSD Going for the 2nd 1D MA100 on strong technicals!

Ahead of Thursday's U.S. CPI report, a critical inflation reading to the Fed's Rate Interest policy, the EURUSD pair is rebounding strongly on the bottom (Higher Lows trend-line) of the Channel Up that it has been trading on since September 28 and that we called on Friday:


The price is now going for the 2nd 1D MA100 (green trend-line) test on such short notice (which is unbroken since February 11) but this time the technicals are stronger than ever: the RSI on the 1W time-frame is at its highest level since February 21, while the 1D MACD has formed a Bullish Cross above 0.00 for the first time since May 2021! If the 1D MA50 (blue trend-line) supports, we can see a break above the Channel Up on such bullish readings, assuming the CPI helps.

Our short-term targets if EURUSD closes a candle above the 1D MA100 would bt the 1.0200 Resistance (1) and the 1.03670 Resistance (2) where contact may be achieved with the 1D MA200 (orange trend-line). On the other hand, if the price breaks below the Channel Up first, we will target at least Support 1 (0.97055).



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