EUR/USD flat-lined below 1.1400 handle after Euro-zone CPI
• A modest USD uptick lacks any strong bullish conviction and helped bounce off lows.
• The final Euro-zone CPI matches flash estimates and does little to influence the pair.
• Traders now eye second-tier US economic data for some short-term opportunities.
The EUR/USD pair quickly reversed an early European session dip to near two-week lows and spiked to 1.1400 handle in the last hour, albeit retreated few pips thereafter.
The common currency remained on the defensive and continues to be weighed down by concerns over a slowdown in the Euro-zone, also acknowledged by the ECB President Mario Draghi on Tuesday.
This coupled with a modest US Dollar uptick further collaborated to the pair's ongoing retracement slide from near three-month tops, levels beyond mid-1.1500s touched last Thursday.
However, dovish Fed rate hike expectations kept a lid on any strong follow-through USD up-move and turn out to be the only factor that helped ease the bearish pressure, at least for the time being.
Meanwhile, today's release of final Euro-zone CPI figures, matching the flash estimates, passed unnoticed and did little to provide any impetus or produce any meaningful trading opportunities.
Next on tap will be second-tier US economic releases - initial weekly jobless claims and Philly Fed manufacturing index, due for release later during the early North-American session.
Technical levels to watch
Today Last Price: 1.1389
Today Daily change: -4.0 pips
Today Daily change %: -0.0351%
Today Daily Open: 1.1393
Previous Daily SMA20: 1.1433
Previous Daily SMA50: 1.1384
Previous Daily SMA100: 1.1468
Previous Daily SMA200: 1.1614
Previous Daily High: 1.1425
Previous Daily Low: 1.1378
Previous Weekly High: 1.1571
Previous Weekly Low: 1.1396
Previous Monthly High: 1.1486
Previous Monthly Low: 1.1269
Previous Daily Fibonacci 38.2%: 1.1396
Previous Daily Fibonacci 61.8%: 1.1407
Previous Daily Pivot Point S1: 1.1372
Previous Daily Pivot Point S2: 1.1351
Previous Daily Pivot Point S3: 1.1324
Previous Daily Pivot Point R1: 1.1419
Previous Daily Pivot Point R2: 1.1446
Previous Daily Pivot Point R3: 1.1467