EURUSD

EURUSD continues to fluctuate around the pivot level of 1.12434. The US CPI data to be announced on May 13 is critical for the pair; inflation exceeding expectations could strengthen the dollar with the thought that the Fed might delay interest rate cuts, potentially pressuring the pair down to the first support level of 1.11957. The CPI data from Germany (May 14) could support the Euro. If the pair breaks above the resistance at 1.12968, it may target the level of 1.13449. The technical outlook is somewhat positive as long as it stays above the pivot level of 1.12434, while a drop below it could increase selling pressure.