EUR/USD slips on Monday, paring recent gains ahead of US CPI inflation


  • EUR/USD trimmed last week’s gains, falling away from 1.0950.
  • Markets are gearing up for Tuesday’s US CPI inflation print.
  • Germany final CPI is expected to match preliminary prints.

EUR/USD eased back on Monday, dropping away from 1.0950 as investors gear up for Tuesday’s US Consumer Price Index (CPI) inflation. Germany’s final CPI inflation print early Tuesday is not expected to deviate meaningfully from preliminary figures.

Forex Today: Investors’ attention is expected to be on US CPI

The Euro (EUR) peaked at 1.0980 on Friday, but the pair is falling back as markets pivot to fresh inflation figures as investors continue to hope for signs of sooner rather than later rate cuts from central banks. According to the CME’s FedWatch Tool, markets are pricing in a 70% chance of a first rate cut at the Federal Reserve’s (Fed) June policy meeting.

February’s MoM US CPI is expected to tick upwards to 0.4% from 0.3% as lopsided inflation continues to weigh on the Fed’s rate cut outlook. Core MoM CPI is forecast to tick down to 0.3% from the previous 0.4%. YoY CPI is expected to hold steady at 3.1%, with Core annualized CPI forecast to print at 3.7%, down slightly from 3.9%.

US CPI Preview: Forecasts from 10 major banks, inflation still too high

Germany’s final CPI inflation print is expected to match the preliminary print, with Yoy German CPI inflation expected to come in at 2.5% in February. Germany’s Harmonized Index of Consumer Prices (HICP) is also expected to hold steady at 2.7% for the year ended in February.

EUR/USD technical outlook

EUR/USD is capped in the near-term by last Friday’s rise into 1.0980, but the pair shed weight back below 1.0950, and the immediate technical floor is priced in near 1.0880.

EUR/USD’s late decline on Friday ended a multi-week bull run, with the pair recovering from February’s bottom bids near 1.0700.

EUR/USD hourly chart

EUR/USD daily chart

EUR/USD

Overview
Today last price 1.0926
Today Daily Change -0.0010
Today Daily Change % -0.09
Today daily open 1.0936
 
Trends
Daily SMA20 1.0824
Daily SMA50 1.0856
Daily SMA100 1.0842
Daily SMA200 1.0834
 
Levels
Previous Daily High 1.0981
Previous Daily Low 1.0919
Previous Weekly High 1.0981
Previous Weekly Low 1.0838
Previous Monthly High 1.0898
Previous Monthly Low 1.0695
Daily Fibonacci 38.2% 1.0943
Daily Fibonacci 61.8% 1.0957
Daily Pivot Point S1 1.091
Daily Pivot Point S2 1.0883
Daily Pivot Point S3 1.0847
Daily Pivot Point R1 1.0972
Daily Pivot Point R2 1.1008
Daily Pivot Point R3 1.1034

 


 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Next upside target comes at 0.6550

AUD/USD: Next upside target comes at 0.6550

AUD/USD managed well to shrug off the marked advance in the Greenback as well as geopolitical tensions, regaining the area above the 0.6500 hurdle ahead of preliminary PMIs in Australia.

AUD/USD News
EUR/USD: Further losses now look at 1.0450

EUR/USD: Further losses now look at 1.0450

Further strength in the US Dollar kept the price action in the risk-associated assets depressed, sending EUR/USD back to the 1.0460 region for the first time since early October 2023 prior to key releases in the real economy.

EUR/USD News
Gold faces extra upside near term

Gold faces extra upside near term

Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.

Gold News
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally

Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally

Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time. 

Read more
A new horizon: The economic outlook in a new leadership and policy era

A new horizon: The economic outlook in a new leadership and policy era

The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures