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Markets are Trading relatively flat on Tuesday with the EURUSD moving slightly lower at -0.04 percent over the previous day. Eurozone 10-year government bond yields inched down, reducing the demand for euros.
After increasing to near two-week highs on Monday, most 10-year bond yields corrected downwards in what analysts are describing as a position squaring effect. European Central Bank (ECB) board member Yves Mersch was quoted saying that economic growth and inflation figures are “showing good signs on stabilization” after the slowdown experienced towards the end of 2019.
Economic data releases from the US came out mixed, with the year over year CPI meeting expectations at 2.3 percent but the monthly figure coming in below consensus at 0.2 percent.
Looking at the technical picture, the EURUSD pair continues its sideways range-bound price action confined between the 1.110 and 1.117 levels. The short-term moving average appears to be stabilizing, signaling a potential bearish downturn may be on the table as today‘s Trading saw the pair fail to reach above yesterday’s high.
(Chart Source: Tradingview 14.01.2020)
In the short term, we may be looking at another test of the 1.110 support, with a further downside target around the 61.8 Fibonacci retracements at 1.10643. On the flip side, should the ECB meeting on Thursday conclude on a hawkish tone, the upside potential remains open to push towards the 1.117 resistANCe level. Meanwhile, euro bulls will be paying close attention to the industrial production figures to be released tomorrow, the expectation stands at a drop of 1.1 percent.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - EURUSD
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