In Thursday's Asian trading session, EUR/USD pair remained around the 1.0740 level. Following the release of CPI inflation data, the US Dollar (USD) strengthened significantly, exerting pressure on this currency pair.
On the 1-hour chart, the Simple Moving Average (SMA) 20 is trending downwards, indicating that the downward trend may continue. This signals a negative outlook for the price of this currency pair.
Additionally, the Relative Strength Index (RSI) is in overbought territory, suggesting that the price may undergo a correction and rebound from previous declines. This could alter the direction of the currency pair in the near future.
On the 1-hour chart, the Simple Moving Average (SMA) 20 is trending downwards, indicating that the downward trend may continue. This signals a negative outlook for the price of this currency pair.
Additionally, the Relative Strength Index (RSI) is in overbought territory, suggesting that the price may undergo a correction and rebound from previous declines. This could alter the direction of the currency pair in the near future.
