The EUR corrected lower this Tuesday, down against the greenback to a daily low of 1.1051 from where the pair has posted a shallow bounce so far. There were no macro news in Europe but later on in the day, the US will release its PMIs and its Consumer Confidence index for July that could offer additional relief to the greenback. Nevertheless, the market is waiting for Wednesday's FED economic policy meeting that will hold the key for dollar's strength.
View live chart of the EUR/USD
The pair remains within a daily descendant channel, but pressuring the top of it, and with the 4 hours chart showing that the price is well above a bullish 20 SMA, whilst the RSI indicator anticipates additional advances, regaining the upside around 61. The Momentum indicator in the mentioned chart, has lost its upward strength, but remains in positive territory. Nevertheless, as long as the price holds above 1.1050, the downside should remain limited, with gains beyond 1.1080 favoring a retest of Monday's high in the 1.1120 price zone. An upward acceleration above this last, should see the price extending up to 1.1160.
A bearish movement through 1.1050 on the other hand, should lead to further retracements towards the 1.1000 figure, where the pair will likely wait for the FOMC.
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