EUR/USD turns positive near 1.2350, US CPI on sight

  • The pair managed to bounce off lows and test daily highs near 1.2350.
  • USD stays under pressure around the 90.00 handle ahead of US CPI.
  • All eyes on US inflation figures tracked by the CPI due later today.

EUR/USD is alternating gains with losses on Tuesday and keeps orbiting around the 1.2340/50 region ahead of key US CPI releases.

EUR/USD attention to US docket

The pair remains within the familiar range so far today. In fact, the earlier bullish attempt has run out of steam in the 1.2350 area in a context where the risk-on sentiment keeps dominating the scene.

On the USD-side, the US Dollar Index (DXY) stays around the critical 90.00 milestone, deflating from session tops along with the current correction lower in yields of the US 10-year note, all amidst the better tone in the riskier assets.

Looking ahead, the release of US inflation figures for the month of February will be the salient event later in the session and it is likely to put the buck under some pressure.

EUR/USD levels to watch

At the moment, the pair is up 0.02% at 1.2342 and a break above 1.2446 (high Mar.8) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.18). On the downside, immediate contention emerges at 1.2273 (low Mar.9) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).

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