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The EUR/USD pair is seen moving back and forth in a 20-pips narrow range so far this Friday, as the bulls take a breather from the recent upsurge and await the US CPI release for the next direction.
EUR/USD eyes on yield differential ahead of US CPI
Thursday’s downbeat US PPI figures combined with dovish remarks from the Fed policymaker Dudley continue to weigh down on the US dollar across the board, keeping the sentiment around EUR/USD buoyant.
Heading into Europe, the major extends its consolidative mode below 1.18 handle, as further upside appears to lack follow-through amid expectations of an uptick in the US consumer prices, which could be a decisive factor for Fed’s outlook on the interest rates.
Further, the spot will closely track the yield spread between the 10-year US-German yields ahead of the US inflation report, while persisting risk trends could also have some impact on the prices.
EUR/USD Technical Set-up
Karen Jones, Analyst at Commerzbank explains: “EUR/USD has eased back to its near term uptrend and 1.1704 and bounced from here: Nearby support is provided by the accelerated uptrend at 1.1704 and the 3 month uptrend at 1.1532 and while above here, there is scope for further gains. It is not clear currently how far this slide will extend, our suspicion is to the 1.1532 uptrend. Initial resistance is found 1.1825. Resistance above the 1.1910 recent high lies at 1.2040 the 2012 low, then 1.2170, the 50% retracement from the move down from the 2014 high.”
