The EUR/USD pair is currently trading around 1.0970, facing slight losses in the early European session after pulling back from a four-month high of 1.1017. Traders are awaiting inflation data from Italy, France, and the Eurozone, with the Eurozone Harmonized Index of Consumer Prices (HICP) expected to show a 3.9% YoY growth in November.
From a technical standpoint, the EUR/USD maintains a positive outlook, staying above the 50- and 100-hour Exponential Moving Averages (EMA) on the four-hour chart. The Relative Strength Index (RSI) is in bullish territory, suggesting a favorable trend for the pair.
Immediate resistance is observed at 1.1000, marked by the Bollinger Band boundary and a psychological round figure. The next resistance levels are at 1.1017 and 1.1042, followed by a potential rally to 1.1150 if buying momentum persists.
On the downside, a key support level lies at 1.0930, indicated by the lower limit of the Bollinger Band and the 50-hour EMA. Further support is found at 1.0895 (low of November 24), 1.0867 (100-hour EMA), and 1.0825 (low of November 17). Monitoring these levels can provide insights into potential price movements.