EUR/USD is trading above 1.18, rising from the lows. US import prices surprisingly dropped, weighing on the dollar and adding to the notion that inflation has peaked.

The pair's first attempt at 1.1835 has failed. That level provided support early in September and then capped the price earlier this week. Moreover, it is also where the 50-day Simple Moving Average on the four-hour chart hits the price.

Beyond 1.1835, the next levels to watch are 1.1855, 1.1880, and 1.1910.

Support awaits at the psychologically significant 1.18 level, which is also the daily low. Further down, 1.1770, 1.1740 and 1.1725.