EUR/USD down smalls around 1.2330, US CPI eyed
|- The pair is trading on the defensive in the middle of the daily range.
- USD slightly bid around the 90.00 handle ahead of key US releases.
- All eyes on US inflation figures tracked by the CPI due later today.
The single currency is surrounded by an offered bias on Tuesday, prompting EUR/USD to ease off highs and return to the negative territory around the 1.2330 region.
EUR/USD focused on US CPI
Spot is so far reverting part of Monday’s advance, although it manages well to keep business above 1.2300 the figure amidst a bid tone around the greenback and a pause in the recent risk-on rebound.
Looking at the broader picture, the pair remains within a consolidative range since February between 1.2155 and 1.2555 and always looking at the risk appetite trends as the main drivers for the price action.
Today, German/EMU ZEW Survey for the current month is due later in Euroland, while inflation figures measured by the CPI will be the salient event across the pond seconded by tomorrow’s Retail Sales.
EUR/USD levels to watch
At the moment, the pair is losing 0.11% at 1.2327 with immediate contention emerging at 1.2273 (low Mar.9) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18). On the flip side, a break above 1.2446 (high Mar.8) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.18).
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