EURUSD busted above the short-term ceiling around the 1.0250 minor psychological mark and reached a high of 1.0370 before retreating. The Fibonacci retracement tool shows where more buyers might be waiting to hop in the climb.

The 38.2% level seems to be holding as support around the 1.0282 mark, but a larger pullback could still reach the 50% level near the 1.0250 minor psychological mark or the 61.8% Fib close to the moving averages.

The 100 SMA is still slightly above the 200 SMA to indicate that the path of least resistance is to the upside or that support levels are more likely to hold than to break. In that case, EURUSD could soon make its way back up to the swing high or higher.

Stochastic is already in the oversold region to signal exhaustion among sellers, so turning higher would mean that buyers are taking over. RSI is also on the move up, even without reaching the oversold region to signal that bulls are eager to return.

There are no major reports due from the eurozone today, so EURUSD could take cues from US catalysts. Earlier on, the US printed downbeat CPI readings, dampening hopes of another 0.75% interest rate hike from the Fed.

Producer prices are up for release next, and analysts are expecting to see a slowdown from 1.1% to 0.2% for the headline figure and another 0.4% uptick for the core figure. Weaker than expected results could mean more downside for the dollar since these would imply lower price pressures down the line.

Stronger than expected data, on the other hand, could renew dollar demand since these would suggest that the latest dip in consumer prices would not last. In that case, the Fed could carry on with its aggressive tightening cycle, weighing on other currencies in the process.