EUR/USD PRICE ANALYSIS: OSCILLATES IN A RANGE ABOVE 100-DAY SMA AHEAD OF GERMAN CPI
- EUR/USD consolidates in a range above a two-and-half-week low touched on Monday.
- September Fed rate cut bets keep the USD bulls on the defensive and act as a tailwind.
- A sustained break below 100-day SMA is needed to support prospects for further losses.
The EUR/USD pair struggles to build on the overnight bounce from the 1.0800 neighborhood, or a two-and-half-week low and oscillates in a narrow range during the Asian session on Tuesday. Spot prices currently trade around the 1.0820-1.0825 region, nearly unchanged for the day as traders opted to wait for the release of the flash German consumer inflation figures before positioning for a firm intraday direction.
The market focus will then shift to the flash Eurozone CPI report on Wednesday, which will be followed by the outcome of a two-day FOMC monetary policy meeting. Apart from this, key US macro data scheduled at the start of a new month, including the Nonfarm Payrolls (NFP) report on Friday, will be looked for more cues about the Federal Reserve's (Fed) rate-cut path. This, in turn, will play a key role in influencing the near-term USD price dynamics and determining the next leg of a directional move for the EUR/USD pair.
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