EUR/USD technical analysis: Euro creeping higher as 1.1250 caps prices

• The US Core Consumer Price Index (CPI) for April (YoY) came in line with expectations at 2.1% while the MoM reading for the same month came slightly below forecast at 0.1% vs. 0.2%.
• EUR/USD creeps higher but can it break 1.1250 resistance?

EUR/USD daily chart

EUR/USD is trading in a bear trend below its main simple moving averages (SMAs). The market is testing the 50 SMA.
 

EUR/USD 4-hour chart

EUR/USD is challenging the 1.1240/50 resistances as the market is now trading above its main SMAs.

EUR/USD 30-minute chart

EUR/USD is trying to trade above Thursday’s high. A break above 1.1250 can lead to 1.1300. Failure to break above 1.1250 can see 1.1220, 1.1200 support revisited.

Additional key levels