Currently, the 50-day EMA at $1.33586 offers some near-term support, while the 200-day EMA at $1.32425 provides a more substantial foundation. If GBP/USD breaks above $1.3389, it could shift momentum toward a bullish stance.

Conversely, a drop below $1.3360 may invite more selling pressure and extend losses.

Euro Eyes Mixed Inflation Data and German Jobs Report

The Euro trades cautiously as traders digest mixed French and Spanish inflation data. France’s Consumer Spending improved by 0.2%, but its Preliminary CPI fell to -1.2%. Meanwhile, Spain’s Flash CPI dropped to 1.5% YoY. German Unemployment Change jumped by 17K, indicating labor market weakness.

Investors are now focusing on the Italian 10-year bond auction and comments from German Buba President Nagel for further direction. Weaker employment data and softer inflation figures may keep the Euro under pressure.

EUR/USD Technical Forecast

The EUR/USD is trading at $1.11330, down 0.11%, and remains below the key pivot point of $1.11439. The pair is facing immediate resistance at $1.11573, with further upside barriers at $1.11730 and $1.11890.

On the downside, immediate support lies at $1.11221, with additional support at $1.11047 and $1.10921. The 50-day EMA sits at $1.11537, indicating that the pair is struggling to reclaim bullish momentum, while the 200-day EMA at $1.11181 offers some support.