EUR/USD: Upside remains capped by 1.1250 amid weak Eurozone data

Weaker-than-expected Eurozone CPIs to keep a check on the EUR's recovery, despite risk-on.
Focus shifts to US retail sales and ISM manufacturing for a sustained move higher.

Dhwani Mehta FXStreet

The upside attempts in the EUR/USD pair fizzled once again at the midpoint of the 1.12 handle, as the sentiment around the common currency was dented further following the release of softer Eurozone flash headline and core CPI readings for the month of March.

Eurozone flash CPI arrives at 1.4% y/y in March, misses estimates

Despite a slew of disappointing Euro area final manufacturing PMI and CPI reports, the tone around the major remains buoyant, mainly driven by broad-based US dollar weakness, as markets dump the safe-haven greenback amid a risk-on rally in the global equities and oil prices. The renewed optimism amid US-China trade progress and the expansion in the Chinese manufacturing sector activity bolstered the overall risk sentiment.

That said, the rally in the US Treasury yields across the curve could be also responsible for the limited gains in the EUR/USD pair, as attention now turns towards a fresh batch of US macro releases, including the key retail sales and ISM manufacturing PMI, for fresh trading impetus.

EUR/USD Technical Levels

EUR/USD

Overview
Today last price	1.1242
Today Daily Change	0.0024
Today Daily Change %	0.21
Today daily open	1.1218

Trends
Daily SMA20	1.1296
Daily SMA50	1.1337
Daily SMA100	1.1361
Daily SMA200	1.147

Levels
Previous Daily High	1.1248
Previous Daily Low	1.1209
Previous Weekly High	1.1332
Previous Weekly Low	1.1209
Previous Monthly High	1.1448
Previous Monthly Low	1.1176
Daily Fibonacci 38.2%	1.1224
Daily Fibonacci 61.8%	1.1233
Daily Pivot Point S1	1.1203
Daily Pivot Point S2	1.1187
Daily Pivot Point S3	1.1165
Daily Pivot Point R1	1.1241
Daily Pivot Point R2	1.1263
Daily Pivot Point R3	1.1279

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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