EUR/USD Price Analysis: Euro bulls eye 1.1280, US Retail Sales as ECB officials advocate higher rates

EUR/USD edges higher within immediate trading range surrounding 17-month high.
Hawkish ECB talks, broad US Dollar weakness underpin Euro upside ahead of key data.
Upbeat RSI, sustained trading beyond key SMAs favor EUR/USD bulls.
Euro buyers need validation from 1.1280 and US Retail Sales to approach previous yearly high.

Anil Panchal FXStreet

EUR/USD remains on the front foot within a three-day-old 50-pip trading range above 1.1200, poking the upper limit surrounding 1.1250 during the mid-Asian session on Tuesday.

In doing so, the Euro pair cheers broad US Dollar weakness while also justifying hawkish commentary from the European Central Bank (ECB) Officials during a sluggish session ahead of the key US Retail Sales for June.

Also read: EUR/USD prods 1.1250 hurdle on hawkish ECB talks ahead of US Retail Sales

That said, the major currency pair’s successful trading above the 50 and 100 SMAs, as well as beyond a one-week-old rising support line, joins the upbeat RSI (14) line, not overbought, to keep the EUR/USD buyers hopeful of crossing the 1.1250 hurdle.

However, multiple levels marked in late 2021 and early 2022 challenged the Euro bulls near 1.1280 before directing them to the previous yearly high of around 1.1500.

Meanwhile, the 50-SMA and the stated trading range’s lower limit, respectively near 1.1230 and 1.1200, challenge intraday EUR/USD bears.

Following that, a convergence of the 100-SMA and an upward-sloping support line from July 06, close to 1.1175, appears as the key support to break for the EUR/USD sellers before taking control.

EUR/USD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1242
Today Daily Change	0.0007
Today Daily Change %	0.06%
Today daily open	1.1235

Trends
Daily SMA20	1.0982
Daily SMA50	1.0874
Daily SMA100	1.086
Daily SMA200	1.066

Levels
Previous Daily High	1.1249
Previous Daily Low	1.1203
Previous Weekly High	1.1245
Previous Weekly Low	1.0944
Previous Monthly High	1.1012
Previous Monthly Low	1.0662
Daily Fibonacci 38.2%	1.1231
Daily Fibonacci 61.8%	1.1221
Daily Pivot Point S1	1.1209
Daily Pivot Point S2	1.1184
Daily Pivot Point S3	1.1164
Daily Pivot Point R1	1.1255
Daily Pivot Point R2	1.1275
Daily Pivot Point R3	1.13

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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