EUR/USD stuck in tight range above 5-DMA, US CPI – key

The bulls are seen guarding the 1.1000 barrier, with the EUR/USD pair bouncing-off the last on every attempt to the downside.

EUR/USD bounces-off 1.1000 once again

Currently, EUR/USD rises +0.18% to 1.1018, finding good support at 5-DMA. The main currency pair regains poise and tries another attempt to extend above 1.1130 barrier, as the US dollar selling continues on the back of profit-taking, after last week’s extensive rally, heading into the US CPI report due later in the NA session.

However, further upside lacks momentum as steep losses in the EUR/GBP cross keeps a check on EUR. Next of note for the major remains  US CPI figures due later on the day and Thursday’s ECB policy decision for fresh impetus on the spot.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1027 (daily high). A break beyond the last, doors will open for a test of 1.1050 (psychological levels) and from there to 1.1072 (Oct 12 high). On the flip side, the immediate support is placed at 1.1000 (5-DMA) below which 1.0982 (Oct 13 low) and 1.0954 (3-month low) could be tested.

 

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