EURUUSD chart analysis

During the Asian session, the euro rose against the dollar. Data on inflation in the euro area in April showed that it grew slightly slower than expected. It showed 7.4% year on year; expectations were 7.5%. Positive data on retail sales in the United States in April from yesterday left a positive mark on the dollar. The euro is exchanged for 1.04800 dollars, representing the strengthening of the common European currency by 0.18% since the beginning of trading tonight. Pair EURUSD found support at 1.04600 this morning, after which it started to recover. Today's resistance is at the 1.05075 level, and we need a break above to continue the euro's recovery. Our potential bullish targets are 1.05420 and 1.05646 levels. Above these levels, a rise in the euro would significantly increase optimism for a longer EURUSD recovery. We need a negative consolidation and a break below 1.04600 levels for the bearish option. After that, we can expect to continue to withdraw to lower levels of support. Today's potential bearish targets are 1.04360 and 1.04000 levels.