Technically, the pair maintains a bearish bias, as the 4 hours chart shows that the price stands well below a bearish 20 SMA, currently around 1.4870, whilst the Momentum indicator retraces from the 100 level and heads south and the RSI indicator hovers directionless around 42. The pair however, will likely consolidate ahead of the news, with a price acceleration below the 1.4785 level favoring additional declines towards the 1.4730 price zone in the short term. The upside seems more limited, with some follow through above the mentioned 1.4870 level required to confirm another leg higher towards the 1.4920/40 price zone.
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EUR/USD retreats toward 1.0850 on renewed USD strength
EUR/USD stays under modest bearish pressure and declined toward 1.0850 in the early European session on Tuesday, pressured by the renewed USD strength. ZEW sentiment survey will be featured in the European economic docket ahead of housing data from the US.
USD/JPY extends rally beyond 150.00 as markets assess BoJ decisions
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