EUR/USD Price Holds Steady Below 100-Day SMA Amid Easing Inflation Pressure

The EUR/USD price has been steady around 1.1520 in the early European session on Thursday, but remains bearish below its 100-day Simple Moving Average (SMA). The pair's immediate resistance level is at 1.1565, while the first downside target to watch is 1.1500.

The recent US inflation data has eased pressure on the Federal Reserve to raise interest rates as soon as next month. The Consumer Price Index (CPI) rose 3.4% year-over-year in July, compared to 3.5% in the previous reading. The core CPI, excluding food and energy, increased 2.5% year-over-year in July, versus 2.6% prior.

However, escalating geopolitical tensions in the Middle East could boost a safe-haven currency such as the US Dollar (USD) and create a headwind for the major pair.