EUR/USD attempts tepid bounce near 1.1250, CPI eyed

The EUR/USD pair is seen making minor-recovery attempts from fresh two-week troughs in the European morning, as the US dollar recedes gains against its major competitors.

EUR/USD supported at daily S1

Currently, EUR/USD trades -0.19% lower at 1.1255, recovering from a dip to fresh two-week lows reached at 1.1234 in the last hour. The main currency pair trims losses as the European stocks wobble on the back of mixed corporate earnings results. Germany’s DAX trades +0.14%, the UK’s FTSE drops -0.36%, while the pan-European benchmark, the Euro Stoxx 50 trades modestly flat.

Further the recovery in the EUR/USD pair can be also justified by a minor retreat in the US dollar across the board. The USD index now gains +0.22% to 95.02, having posted fresh two-week highs at 95.21 last hours.

Calendar-wise, the major is expected to get influenced by the CPI figures from both continents, while the sentiment on the global equities will also have some bearing on the prices.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1276/79 (1h 20-SMA/ Daily high). A break beyond the last, doors will open for a test of 1.1300 (round number). On the flip side, the immediate support is placed at 1.1234/33 (daily low & S1) below which at 1.1200/1.1178 (psychological levels/ 50-DMA) could be tested.