EURUSD's ingenious comeback关于OANDA:EURUSD由Phenol_fx提供

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Technical analysis EURUSD

EURUSD fluctuates in a narrow range above 1.0600 on Tuesday as the better-than-expected Economic Sentiment data from Germany helps the Euro hold its ground. Fed Chairman Powell will speak on the policy outlook later in the day.

EURUSD edged slightly higher after testing 1.0600. The Relative Strength Index (RSI) indicator on the 4-hour chart stays near 20, suggesting that the pair is still technically oversold.

On the upside, 1.0660 (static level) aligns as first resistance before 1.0700 (psychological level, static level). In case the pair drops below 1.0600 and confirms this level as resistance, 1.0550 (static level from October) could be seen as next support before 1.0500 (psychological level, static level).

Economic analysis EURUSD

Following a short-lasting recovery attempt during the European trading hours,

EURUSD lost its traction and closed the first trading day of the week in negative territory. The pair struggles to stage a rebound and trades within a few pips of 1.0600 early Tuesday.

Easing geopolitical tensions limited the US Dollar's (USD) upside in the first half of the day on Monday and helped EUR/USD edge higher. After the data from the US showed that Retail Sales increased at a stronger pace than expected in March, however, US Treasury bond yields shot higher and allowed the USD to regather its strength.

Meanwhile, Federal Reserve (Fed) Bank of San Francisco President Mary Daly cautioned against acting urgently, saying that they need to be confident that inflation is on its way to the 2% target before taking a policy action.

Housing Starts and Building Permits data for March will be featured in the US economic docket on Tuesday. Later in the American session, Fed Chairman Jerome Powell will speak alongside Bank of Canada Governor Tiff Macklem on the economic outlook and monetary policymaking.