EUR/USD remains in a tight range, mildly supported by the 1.1700 mark. Dollar bulls hold momentum amid Fed’s hawkishness and rise in bonds yields. US CPI is the key risk event on the day that may provide fresh impetus to the market. The EUR/USD price is trading near 1.1700 and has pushed back from 1.1725 high as bears take a breather during a quiet session in the lead-up to European trade on Wednesday. Before the main US inflation figures for July were released, the major currency pair fell eight times in a row. –Are you interested to learn more about forex bonuses? Check our detailed guide- Although the lack of key data or development in Asia suggests the decline is heading for a bottom, bears remain optimistic, as the US infrastructure spending plan underpins disaster risk reduction, and the dollar remains a safe haven. In addition, virus concerns could also impact the dollar in Western countries as well as Asia-Pacific. Despite two more hurdles to overcome before embarking on the $1.2 trillion infrastructure bailout, dollar bulls appear to have had their backs turned as policymakers struggle to break the all-important debt line. Furthermore, news from Reuters indicating the EU won’t change its safe travel list this week while allowing non-essential travel from the United States to continue. However, a rise in COVID cases is helping the Euro a little compared to its USA counterpart. Get FREE Forex Signals Now! With these results in mind, the US Dollar Index (DXY) has reached a new high of around 93.20, adding to a four-day winning streak. Thus, despite an apparent rise in yields on US Treasury bonds, the dollar indicator remains weak and supports declining stock futures. The remarks made by Atlanta Federal Reserve President Rafael Bostic, Richmond Fed President Thomas Barkin, and Chicago Fed President Charles Evans contrast with those made by the European Central Bank (ECB) policymakers. Therefore, the EUR/USD traders will be watching closely for July’s US inflation data, which is expected to drop from 5.4% to 5.3% YoY to confirm the recent trend, which is also favorable for the dollar. –Are you interested to learn more about crypto signals? Check our detailed guide- EUR/USD price technical analysis: Consolidation to continue EUR/USD 4-hour price chart The EUR/USD pair found mild support at a 1.1700 handle. However, the price structure is still quite feeble to retrace further up. The volume is clearly giving clues about more bearish bias ahead on the 4-hour chart. However, a probability of testing 20-period SMA still exists, which is now at 1.1740 area. So far, the average daily range is 26% for the day. It shows that the pair has not yet started any clear move on either side. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal EUR/USD Daily share Read Next GBP/USD Price Could Break 1.38 as Brexit and Covid Weigh on Pound Saqib Iqbal 1 year EUR/USD remains in a tight range, mildly supported by the 1.1700 mark. Dollar bulls hold momentum amid Fed's hawkishness and rise in bonds yields. US CPI is the key risk event on the day that may provide fresh impetus to the market. The EUR/USD price is trading near 1.1700 and has pushed back from 1.1725 high as bears take a breather during a quiet session in the lead-up to European trade on Wednesday. Before the main US inflation figures for July were released, the major currency pair fell eight times in a row. –Are you interested to learn more about forex… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.