EUR/USD is captive to a range as traders await the next market mover, the US CPI data on Wednesday. US inflation expectations are high while US Treasury yields have made a new high for the year. The pair is trading within a narrow range between the 50, 100 and 200-day Simple Moving Averages. EUR/USD trades penned in, seesawing between tepid gains and losses in the 1.0850s on Tuesday.
Horvat uses Elliott Wave analysis, a type of cycle theory, and expects EUR/USD to continue its rally up to 1.0920 before the ECB meeting on Thursday. Technical Analysis: EUR/USD increasingly looking range-bound EUR/USD looks increasingly range-bound in the short-term. The pair failed to confirm the bearish Gravestone Doji candlestick posted on Thursday as price recovered on the following day and posted a bullish Dragonfly Doji candlestick – the one canceling out the other .
Source: News Formal (newsformal.com)
EUR/USD Trading Range-Bound Traders US CPI Data Inflation Volatility
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