The EUR/USD pair trades on a softer note near 1.0730 on Tuesday during the early European trading hours.
EUR/USD weakens around 1.0730 in Tuesday’s early European session. The negative outlook of the pair remains intact below the key 100-period EMA, with a bearish RSI indicator. The initial support level is seen at 1.0685; the key resistance level is located in the 1.0790–1.0800 zone. The modest recovery of the Greenback drags the major pair lower. Traders prefer to wait on the sidelines ahead of the Eurozone Harmonized Index of Consumer Prices inflation data and the US Retail Sales data.
0665, the lower limit of Bollinger Band. A break below the latter will see a drop to 1.0610, a low of April 19. On the upside, any follow-through buying above an intraday high of 1.0741 will see a rally to the crucial upside barrier at the 1.0790–1.0800 region. The mentioned level is the confluence of the upper boundary of the Bollinger Band and the psychological level. A break above this level will pave the way to 1.0852, a high of June 12.
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