EUR/USD Price Analysis: US CPI data is due soon, and the key upward barrier is situated in the 1.0800–1.00805 zone.

  • EUR/USD edges lower to 1.0766 on renewed US Dollar demand.
  • The bearish outlook of the pair remains intact below the key EMA; RSI indicator lies below the 50-midlines. 
  • The key resistance level will emerge at the 1.0800–1.0805 zone; the first support level is seen near 1.0753. 

The EUR/USD pair trades on a negative note for the second consecutive day during the early European session on Tuesday. Markets turn to a cautious mood ahead of the US key data. The US Consumer Price Index (CPI) is due later on Tuesday. The softer US inflation data could potentially boost the Fed’s confidence that inflation will return to its target and weigh on the US Dollar (USD). At press time, EUR/USD is trading at 1.0766, losing 0.07% on the day.

According to the four-hour chart, EUR/USD keeps the bearish vibe unchanged as the major pair is below the key 100-period Exponential Moving Averages (EMA). Additionally, the downward momentum is reinforced by the Relative Strength Index (RSI), which sits below the 50-midlines, hinting that further decline cannot be ruled out

The key resistance level for the EUR/USD pair will emerge at the 1.0800–1.0855 region, representing the upper boundary of the Bollinger Band, a psychological round mark, and a high of February 12. The additional upside filter to watch is the 100-period EMA at 1.0815. Any follow-through buying above this level will pave the way to a high of January 26 at 1.0885.

On the downside, the lower limit of the Bollinger Band at 1.0753 acts as an initial support level for EUR/USD. A decisive break below the latter will see a drop to a low of December 8 at 1.0723, followed by a low of November 9 at 1.0660.

EUR/USD four-hour chart

EUR/USD

OVERVIEW
Today last price1.0767
Today Daily Change-0.0007
Today Daily Change %-0.06
Today daily open1.0774
 
TRENDS
Daily SMA201.0829
Daily SMA501.0893
Daily SMA1001.079
Daily SMA2001.0831
 
LEVELS
Previous Daily High1.0806
Previous Daily Low1.0756
Previous Weekly High1.0795
Previous Weekly Low1.0723
Previous Monthly High1.1046
Previous Monthly Low1.0795
Daily Fibonacci 38.2%1.0775
Daily Fibonacci 61.8%1.0787
Daily Pivot Point S11.0752
Daily Pivot Point S21.0729
Daily Pivot Point S31.0702
Daily Pivot Point R11.0801
Daily Pivot Point R21.0828
Daily Pivot Point R31.0851