EUR/USD turns sideways after facing barricades around 1.0200, US Inflation eyed


  • EUR/USD is displaying back and forth moves in a 1.0188-1.0194 range as investors await US CPI.
  • Fed policymakers need a series of declines in inflation rates rather than a one-time slowdown.
  • The German HICP is expected to remain unchanged at 8.5%.

The EUR/USD pair is juggling in a narrow range of 1.0188-1.0194 in the Asian session. The asset has declined marginally after attempting a break above the psychological hurdle of 1.0200. On a broader note, the asset is advancing modestly after printing a low of 1.0146 last week.

Investors are preferring to remain on the sidelines as the release of the US Consumer Price Index (CPI) on Wednesday will unfold a decisive move for the major. Due to declining oil prices amid a temporary fix in supply worries and recession fears, the market participants have trimmed the US inflation forecasts.

The annual US CPI is seen lower at 8.7% than the prior release of 9.1%. Soaring oil prices after the Russia-Ukraine war was a major reason behind a steep rise in price pressures. Now, softer oil prices in July are bound to display a temporary slowdown in the inflation rate. A one-time decline in the price rise index is not going to delight the Federal Reserve (Fed) as a series of drops is necessary to conclude policy tightening measures.

On the Eurozone front, the entire focus will remain on German inflation data. Being, a core member of the European Union, the German Harmonized Index of Consumer Prices (HICP) holds significant importance. As per the market consensus, the economic data is likely to remain unchanged at 8.5%. However, this doesn’t trim the odds of a rate hike by the European Central Bank (ECB) in the September monetary policy meeting.

EUR/USD

Overview
Today last price 1.0196
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 1.0196
 
Trends
Daily SMA20 1.0168
Daily SMA50 1.0364
Daily SMA100 1.0554
Daily SMA200 1.0922
 
Levels
Previous Daily High 1.0222
Previous Daily Low 1.0159
Previous Weekly High 1.0294
Previous Weekly Low 1.0123
Previous Monthly High 1.0486
Previous Monthly Low 0.9952
Daily Fibonacci 38.2% 1.0198
Daily Fibonacci 61.8% 1.0183
Daily Pivot Point S1 1.0163
Daily Pivot Point S2 1.013
Daily Pivot Point S3 1.0101
Daily Pivot Point R1 1.0226
Daily Pivot Point R2 1.0255
Daily Pivot Point R3 1.0288

 

 

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