The pair has put up quite a recovery this week, moving off the lows near 1.0800 after being pressured at the figure level and the 200-day moving average (blue line). Buyers are now trying to push the agenda, knocking on the door of the 100-day moving average (red line) at 1.0924 currently.
Keep below and the push and pull between the key daily moving averages will continue but break above, and we will see the upside momentum potentially start up once again with eyes on 1.1000 next.
Both the euro and dollar will be key focus points today, so EUR/USD in itself will be an active pair to watch in the day ahead.
The euro side of the equation will be impacted by Eurozone inflation data, as traders are still sorting out their feet when it comes to pricing an ECB rate hike for next month. The odds of that are now at ~58%, so a stronger set of numbers later could see the pricing nudge higher and at least keep the euro underpinned.
As for the dollar side of the equation, US data will continue to be a major point of focus in broader markets this week.
