EUR/USD is moving back and forth in a familiar range around 1.2100, lacking a clear directional bias. The upside appears elusive as the US dollar holds onto the recent advance, triggered by upbeat US CPI data. The risk sentiment looks heavier on the session, keeping the safe-haven dollar on the front. However, the major could find some reprieve from the retreat in the US Treasury yields.
How is EUR//USD positioned on the technical graphs?
The Technical Confluences Detector shows that EUR/USD is poised to challenge critical support at 1.2049, where the SMA100 one-day converges with the Fibonacci 23.6% one-month and pivot point one-week S1.