The failure of a clear break below the 20SMA and 104EMA shows support at the hourly Fibonacci expansion 127.2%, and we can see the higher lows forming. The Traditional MACD starts to move into the bearish territory as mixed signals continue
The market awaits the French and German Final CPI month on month changes later today as the Euro trades sideways below the psychological 1.2500 level. The ECB monthly bulletin is also likely to have a significant impact on the EUR/USD as it patiently awaits a direction to move in. The higher lows on the Hourly charts show support at the key Fibonacci levels moving higher and could lead to a break upwards once the 200EMA and 1.2500 levels are breached in succession, but CPI estimates are neutral to mildly positive at best and could not be determined at time of writing.
A weaker data would likely cause traders to turn bearish and use the moving averages as resistance and press the pair further down past 1.2400, 1.237 to 1.233 levels en route to 1.2200 levels, the lows of July 2012