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EUR/USD Trading Range-Bound as Traders Await US CPI Data

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EUR/USD,Trading,Range-Bound

EUR/USD is trading within a narrow range as traders anticipate the release of US CPI data. The lack of volatility is likely due to many traders staying on the sidelines ahead of the market-moving event.

EUR/USD is captive to a range as traders await the next market mover, the US CPI data on Wednesday. US inflation expectations are high while US Treasury yields have made a new high for the year. The pair is trading within a narrow range between the 50, 100 and 200-day Simple Moving Averages. EUR/USD trades penned in, seesawing between tepid gains and losses in the 1.0850s on Tuesday.

Horvat uses Elliott Wave analysis, a type of cycle theory, and expects EUR/USD to continue its rally up to 1.0920 before the ECB meeting on Thursday. Technical Analysis: EUR/USD increasingly looking range-bound EUR/USD looks increasingly range-bound in the short-term. The pair failed to confirm the bearish Gravestone Doji candlestick posted on Thursday as price recovered on the following day and posted a bullish Dragonfly Doji candlestick – the one canceling out the other .

 

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