The EUR/USD pair trades well above the 1.0800 threshold, filling the weekly opening gap and bullish following the release of United States (US) data.
EUR/USD Current price: 1.0816 The US Consumer Price Index rose by less than expected in May. Financial markets turned optimistic ahead of the Fed eral Reserve’s announcement. EUR/USD turned bullish in the near term, faces immediate resistance at around 1.0840. The EUR/USD pair trades well above the 1.0800 threshold, filling the weekly opening gap and bullish following the release of United States data. The Bureau of Labor Statistics reported that the Consumer Price Index rose 3.
The Federal Reserve will announce its decision on monetary policy in a few hours. The Fed is widely expected to keep rates on hold, with the focus on whether policymakers maintain the hawkish stance from the previous meeting or not. EUR/USD short-term technical outlook From a technical point of view, the daily chart shows EUR/USD recovered above directionless 100 and 200 Simple Moving Averages , while a bearish 20 SMA provides dynamic resistance at around 1.0840.
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