EUR/USD Price Forecast: Awaits German CPI and Nagel’s Speech for Clues

USD Gains on Fed’s Rate Stance

Anticipated Macroeconomic Indicators

• At 7:00, the German Final CPI month-over-month figures are anticipated to remain steady at 0.2%, providing insights into inflationary trends in the Eurozone’s largest economy.
• By 9:00, the focus will shift to Italy’s Industrial Production month-over-month data, expected at 0.8%, a significant rebound from the previous decline of -1.5%, offering a glimpse into the industrial health of another major European economy.
• At 10:30, remarks from the German Bundesbank President Nagel are scheduled, which market participants will scrutinize for cues on the central bank’s policy direction amid regional economic developments.

EUR/USD Price Forecast: Technical Analysis

The EUR/USD pair presents a subdued stance in the forex market, hovering around $1.07697, showing a slight change in the last 24-hour period. The pair finds itself under the pivot point marked by the green line at $1.07930, suggesting a tentative bearish bias.

Immediate resistance levels are established at $1.07830, $1.07930, and $1.08376, which could serve as ceilings restraining any bullish attempts.

On the downside, support appears firm at $1.07230 with additional levels at $1.06711 and $1.06136 potentially providing a safety net against further declines.