#EURUSD @ 1.08942 Euro hits fresh highs following Eurozone inflation data. (Pivot Orderbook analysis)

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• Euro hits fresh highs following Eurozone inflation data.
• German preliminary March annual inflation at 7.4%, above 7.3% expected.
• EUR/USD approaches 1.0900, looking bullish while above 1.0820.

The pair currently trades last at 1.08942.

The previous day high was 1.0871 while the previous day low was 1.0818. The daily 38.2% Fib levels comes at 1.0851, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0838, expected to provide support.

The EUR/USD rose further following the release of German inflation figures and climbed to 1.0891, reaching the highest level in a week. The pair remains near the highs, supported by a stronger Euro.

Data released on Thursday showed that inflation in Germany, the Consumer Price Index (CPI), declined to 7.4% YoY in March from 8.7% in February, above the 7.5% of market consensus. The CPI rose 0.8% in March according to the preliminary report, above the 0.7% estimated, matching February’s print.

The data shows a sharp slowdown in the annual rate in Germany, to the lowest since August 2022, but higher than expected. Earlier, Spain surprised with a softer-than-expected CPI. The German 10-year bund yield jumped after the data to 2.35%, the highest level in a week.

In a few minutes, the US will report Jobless Claims and the third estimate of Q4 GDP growth.

The EUR/USD is approaching the 1.0900 mark. If it holds firm above 1.0905, a test of last week’s high at 1.0929 seems likely. On the contrary, 1.0860 has become a support level, followed by 1.0825.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0886 at the time of writing. Pair opened at 1.0844 and is trading with a change of 0.39 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0698, 50 SMA 1.073, 100 SMA @ 1.0639 and 200 SMA @ 1.0338.

The previous day high was 1.0871 while the previous day low was 1.0818. The daily 38.2% Fib levels comes at 1.0851, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0838, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0818, 1.0791, 1.0764
• Pivot resistance is noted at 1.0871, 1.0898, 1.0925

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