EUR/USD is trading higher ahead of the US retail sales and jobless claims data. The pair is striving to hit 1.2000, which would be its highest level since early March. Notably, Europe’s CPI numbers have not yielded enough buying pressure to reach the target.
Germany’s CPI matches the expected 0.5%, which is lower than February’s 0.7%. Besides, Italy’s CPI reading of 0.3% concurs with analysts’ forecast but is a decline from the prior month’s 1.1%.
Investors are now keen on the direction that EUR/USD will take following the release of US retail sales and initial jobless claims numbers later in the day. As for the core retail sales, analysts have predicted a reading of 5.0%, which would be higher than February’s -2.7%.
Furthermore, the estimated 700,000 initial jobless claims are lower than the prior week’s 744,000. If the figure beats the estimates, it will be the first time in April that the US Labor Department is recording a better-than-expected number.
EUR/USD Technical Forecast
EUR/USD is recouping its previous gains after falling from a one-month high of 1.1990 earlier on Thursday to 1.1968. At the time of writing, the pair was up by 0.02% at 1.1981. On an hourly chart, it is trading above the 25 and 50-day exponential moving averages. Besides, it is within an ascending channel.
The bulls are likely to gather enough momentum to push EUR/USD to 1.2000. At that point, it may experience some resistance before moving higher to 1.2050. However, a move below the channel will have the support level at 1.1950. Below that point, the bears will be targeting 1.1900.