EUR/USD retreated to the 1.0600 area after posting gains on Monday. Euro area inflation data will be watched closely by market participants. Sellers could take action if the pair drops below the 1.0580-1.0580 area. 0600 on Monday. The negative shift seen in risk sentiment, however, capped the pair's upside early Tuesday.
Following the German inflation report, a soft HICP print from the Euro area could be ignored. In the second half of the day, the Conference Board will publish the Consumer Confidence Index data. Ahead of the Federal Reserve's monetary policy announcements on Wednesday, market participants are unlikely to take large positions based on this report. Instead, the risk perception could continue to drive EUR/USD action in the near term.
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