- EUR/USD quickly retreats around 25-30 pips from daily tops.
- A goodish pickup in the USD demand kept a lid on early gains.
The EUR/USD pair failed to capitalize on its intraday positive move and quickly retreated around 25-30 pips from session tops touched in the last hour.
The pair added to the previous session’s positive move and gained some follow-through traction through the mid-European session on Tuesday. The uptick lacked any obvious fundamental catalyst and was fueled by some cross-driven strength stemming out of a strong upsurge in the EUR/GBP cross.
Stronger USD seemed to cap gains
Meanwhile, a goodish pickup in the US dollar demand, despite a softer tone surrounding the US Treasury bond yields, kept a lid on any strong follow-through. The pair continued with its struggle to find acceptance above the very important 200-day SMA, rather met with some fresh supply at higher levels.
Despite the pullback, the pair has still managed to hold its neck well above the daily swing low level of 1.1129. Hence, it prudent to wait for some strong follow-through selling before positioning for any further intraday slide amid absent relevant market moving economic releases from the US.
Technical levels to watch
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