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EUR/USD continues to trade in the positive territory above 1.1300 to start the American session on Tuesday. The data from the US showed that the annual Core PPI jumped to 7.5% in November. Although this reading surpassed the market expectation of 7.2%, the greenback remains on the back foot.
The EUR/USD pair shows no signs of life. It remains stuck around the 1.1300 figure and the 23.6% retracement of its November's decline. At the same time, it is developing inside a near-term wedge, reflecting the ongoing consolidation. The daily chart shows that the pair has been seesawing around a mild bearish 20 SMA since last Friday, while the longer ones maintain their bearish slopes far above the current level. The Momentum indicator advances above its midline, but the RSI indicator remains directionless at around 45.
In the 4-hour chart, the pair offers a mildly bullish stance, as it has managed to extend its advance above its 20 and 100 SMAs. At the same time, technical indicator advance within positive levels, although with limited momentum. The pair may extend its gains up to 1.1345, the immediate resistance level, although further gains seem unlikely. A more relevant resistance level is 1.1380, the 38.2% retracement of the mentioned decline.
Support levels: 1.1260 1.1220 1.1185
Resistance levels: 1.1345 1.1380 1.1425
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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