EUR/USD jumps above 1.08 on softer US CPI, eyes key resistance
EUR/USD surged 0.65% to 1.0825 following softer-than-expected US Consumer Price Index data, marking the pair's strongest single-day gain in six weeks. US CPI rose 0.2% monthly versus 0.3% expected, with core CPI matching forecasts at 0.3%, prompting markets to price in earlier Fed rate cuts. The Dollar Index tumbled 0.5% to 103.90, while Treasury yields fell 12 basis points across the curve. Nasdaq futures rallied 1.2% on renewed rate cut optimism, supporting risk sentiment. WTI crude advanced 0.8% to $79.50 on improved demand outlook. Technical analysis shows EUR/USD breaking above the 1.0800 psychological level and 50-day moving average at 1.0810. Next resistance lies at 1.0850 (December high), followed by 1.0880. Support has formed at 1.0800, with deeper backing at 1.0760. Momentum indicators suggest further upside potential if 1.0850 is cleared.
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