After strong German inflation statistics, the EUR/USD remains over 0.9700.

 

The EUR/USD has gained pace in its rebound, surpassing 0.9700 on Thursday. The pair holds its footing as data from Germany revealed that CPI inflation increased in September faster than anticipated. The US Q2 GDP data will be closely watched.

Technical Overview of EUR/USD

The four-hour Relative Strength Index (RSI) indicator remains close to 50, and the EUR/USD pair trades just above the 20-period SMA, which is now at 0.9635. The two could attempt to launch another comeback if this level holds. 0.9700 (psychological level) and 0.9740 (Fibonacci 38.2% retracement) serve as immediate resistance levels on the upward before 0.9670 (Fibonacci 23.6% retracement of the most recent downturn). Sellers may leave the market and allow for more gains if the pair can consolidate above that final resistance level.
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