FxWirePro: EUR/USD trades in narrow range, markets eye US CPI data
Dollar remains strongest currency for the week against all majors. EUR/USD has fallen till 1.08533 yesterday after upside rejection at 1.1020 (high made after French election result). It is currently trading around 1.087…
Dollar remains strongest currency for the week against all majors. EUR/USD has fallen till 1.08533 yesterday after upside rejection at 1.1020 (high made after French election result). It is currently trading around 1.08729.
Markets awaits U.S CPI and retail sales data for further direction. U.S CPI is expected to slow down for second consecutive month to 2.3% yoy in Apr and retail sales is expected to show a growth of 0.6% .
The pair minor upside is capped by 10- SMA and any minor bullishness can be seen only above that level. Any break above 1.09110 will take the pair to next level till 1.09500/1.1000. It should break above 1.1020 for further bullishness.
On the lower side, major support stands at 1.08500-1.08370 (200 day MA) and any break below confirm major weakness a decline till 1.05694 likely.
Overall bullish continuation can happen above 1.1020 level.
It is good to sell on rallies around 1.0915-20 with SL around 1.1000 for the TP of 1.0825/1.0700.
