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EUR/USD remains capped at 1.14 handle ahead of US PPI

   •  Some renewed USD selling bias helps regain positive traction.
   •  Italian budgetary concerns kept a lid on any runaway rally.

The EUR/USD pair held on to its goodish intraday gains, albeit now seemed struggling to make it through the 1.1400 handle.

After yesterday's sharp retracement slide from near three-week tops, the pair regained some positive traction on Tuesday and was further supported by an unexpected improvement in the German ZEW Economic Sentiment index for December. 

Further gains, however, remained capped amid concerns over Italy's budget deadlock with the European Commission, especially after Italian finance minister Giovanni Tria's comments that the government won't make major changes to the budget.

Adding to this, a modest US Dollar uptick, this time supported by a pickup in the US Treasury bond yields, further collaborated towards keeping a lid on any runaway rally, at least for the time being.

Moving ahead, market participants now look forward to the US economic docket, highlighting the release of Nov. PPI figure, in order to grab some short-term trading opportunities.

Technical levels to watch

EUR/USD

Overview:
    Today Last Price: 1.1384
    Today Daily change: 29 pips
    Today Daily change %: 0.255%
    Today Daily Open: 1.1355
Trends:
    Previous Daily SMA20: 1.1359
    Previous Daily SMA50: 1.1413
    Previous Daily SMA100: 1.1511
    Previous Daily SMA200: 1.1738
Levels:
    Previous Daily High: 1.1444
    Previous Daily Low: 1.135
    Previous Weekly High: 1.1424
    Previous Weekly Low: 1.1311
    Previous Monthly High: 1.15
    Previous Monthly Low: 1.1216
    Previous Daily Fibonacci 38.2%: 1.1386
    Previous Daily Fibonacci 61.8%: 1.1408
    Previous Daily Pivot Point S1: 1.1322
    Previous Daily Pivot Point S2: 1.129
    Previous Daily Pivot Point S3: 1.1229
    Previous Daily Pivot Point R1: 1.1415
    Previous Daily Pivot Point R2: 1.1476
    Previous Daily Pivot Point R3: 1.1509

 

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