EURUSD – bulls probe again above 1.10 barrier; US inflation data eyed for fresh signals

EURUSD keeps firm tone on Friday and probes through Nov 29 peak at 1.1017, following Thursday’s 0.65% advance, which registered the first daily close above psychological 1.10 barrier since early August.

Fresh sales of the US dollar ahead of the year-end and on growing expectations for Fed rate cuts in 2024, lift the single currency.

Larger bulls returned to play after completion of 1.1017/1.0723 correction, with return and weekly close above 1.10 level to confirm bullish signal and expose targets at 1.1080 (Fibo 76.4% of 1.1275/1.0448 downtrend) and 1.1153 (200WMA).

Bullish technical studies on daily chart support the action, as markets focus on today’s release of US inflation data (PCE index).

Weaker than expected November figure would provide fresh boost to Euro.

Res: 1.1065; 1.1080; 1.1153; 1.1200
Sup: 1.1000; 1.0974; 1.0941; 1.0919