EUR/USD flattens out near 1.0850 as data looms
|- EUR/USD cycled familiar levels on Tuesday as investors await a reason to move.
- Wednesday kicks off key date slated for the back half of the trading week.
- Fedspeak dominates headlines, tempering risk appetite.
EuR/USD stuck closely to familiar levels on a sedate Tuesday market session. Talking points from Federal Reserve (Fed) officials dominated headlines, but provided little new information for investors to digest, keeping risk appetite suppressed and stapling bids close to opening prices.
Forex Today: No progress ahead of FOMC Minutes
Read more: Fed policymakers stick to cautious script after April CPI inflation sparked rate cut hopes
The latest Meeting Minutes from the Federal Reserve (Fed) will be published on Wednesday, and investors will be looking for any signs of a structural shift in the Fed’s internal dialogue regarding rate cuts. Thursday follows up with Purchasing Managers Index (PMI) activity figures from both the EU and the US, and Friday will round out the trading week with US Durable Goods Orders.
EUR/USD technical outlook
The Euro (EUR) is close to flat against the US Dollar (USD) this week, trading within a fifth of a percent from Monday’s opening bids. EUR/USD is caught on the high side of a near-term upswing, and the pair is under threat of a bearish pullback to the 200-day Exponential Moving Average (EMA) at 1.0786 after failing to break north of the 1.0900 handle.
EUR/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.