Following Wednesday's sharp decline, EUR/USD staged a rebound and closed in positive territory on Thursday.
EUR/USD holds steady above 1.0800 in the European session on Friday. Inflation data from the Eurozone and the US could ramp up the pair's volatility. The near-term technical outlook points to a lack of buyer interest. Following Wednesday's sharp decline, EUR/USD staged a rebound and closed in positive territory on Thursday. The pair fluctuates above 1.0800 in the European session as investors move to the sidelines ahead of key inflation data.
0830, where the lower limit of the ascending regression channel meets the Fibonacci 61.8% retracement of the latest downtrend.This level is also reinforced by the 20-period and the 50-period Simple Moving Averages on the 4-hour chart. In case the pair rises above that level and starts using it as support, resistances could be seen at 1.0900 and 1.0950 . On the downside, key support area aligns at 1.0800-1.0790 before 1.0770 and 1.0750 .
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