EUR/USD Price Analysis: Range play around 200-DMA continues ahead of US CPI


  • EUR/USD’s rebound falters, as sellers return on Tuesday.
  • Pre-US CPI report caution trading lifts the US dollar bids.
  • Bullish RSI keeps the upside alive while EUR/USD battles 200-DMA.

EUR/USD continues to move back and forth around 1.1900, lacking a clear directional bias, as investors eagerly await the US CPI data release for a fresh trading impetus.

Markets have turned cautious amid the earnings seasons and after Fed Chair Powell said that the economy is at an inflection point. Monday’s Treasuries auction failed to have any market impact.

From a near-term technical perspective, the price clings onto the all-important 200-daily moving average (DMA) at 1.1903, extending its range play into a fifth straight session this Tuesday.

Despite closing Monday above the 200-DMA, the sellers fought back control amid the market’s nervousness.

A sustained move below the latter could call for a test of the intermittent lows around the 1.1870 region.

The next relevant target for the bears is seen at the horizontal 21-DMA at 1.1847.

EUR/USD: Daily chart

However, with the 14-day Relative Strength Index (RSI) still holding above the central line, a potential move higher remains on the cards.  

The main currency pair could likely test the bearish 50-DMA at 1.1954 should the buying pressure intensify.

Further up, the 1.2000 psychological magnate is expected to lure the EUR buyers.

EUR/USD: Additional levels

EUR/USD

Overview
Today last price 1.1900
Today Daily Change -0.0010
Today Daily Change % -0.08
Today daily open 1.191
 
Trends
Daily SMA20 1.1844
Daily SMA50 1.1967
Daily SMA100 1.2056
Daily SMA200 1.19
 
Levels
Previous Daily High 1.1919
Previous Daily Low 1.1871
Previous Weekly High 1.1927
Previous Weekly Low 1.1738
Previous Monthly High 1.2113
Previous Monthly Low 1.1704
Daily Fibonacci 38.2% 1.1901
Daily Fibonacci 61.8% 1.1889
Daily Pivot Point S1 1.1881
Daily Pivot Point S2 1.1852
Daily Pivot Point S3 1.1834
Daily Pivot Point R1 1.1929
Daily Pivot Point R2 1.1948
Daily Pivot Point R3 1.1977

 

 

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