The EURUSD consolidates above the 100/200 hour MAs | Forexlive

As the market awaits the CPI data at the bottom of the hour. The EURUSD has been consolidating ahead of the release with up-and-down trading. On the top side there is a swing area between 1.0925 and 1.09438, followed by the swing high from last week at 1.09728. Move above that level and traders will start to target the natural resistance at 1.1000. The price high from February 1 and February 2 reach 1.1000 and 1.10317 respectively.

On the downside, moving back below the near converged 100 and 200 hour moving averages (blue and green lines on the chart above) would tilt the bias in the short term back to the downside. Yesterday the price moved above both those moving averages and retested them before closing higher, and above those levels, on the day. The moving averages come in at 1.0903 and 1.08998 (call it 1.0900). A move below those levels would have traders targeting a swing area between 1.08629 and 1.0871. The low for the week reach 1.08306 on Monday.

ECBs deGindos is chirping and saying:

• Provisional data point to positive growth rates in first quarter in the Eurp
• Recent core inflation data in euro zone is a sticky