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EUR/USD continues to trade in the positive territory near 1.1100 as the American session gets underway on Tuesday. With Wall Street's main indexes posting decisive gains after the opening bell, the greenback struggles to find demand. Meanwhile, the data from the US showed on Tuesday that the annual PPI jumped to 10% in February as expected.
The EUR/USD pair trades a handful of pips above the 23.6% retracement of its latest daily slump in the 1.0960 price zone. The bullish potential remains limited, according to technical readings in the daily chart, as technical indicators are barely recovering within negative levels. Additionally, the 20 SMA heads firmly lower, above the current level and below the longer moving averages.
In the near term, and according to the 4-hour chart, the pair is neutral. Technical indicators are hovering around their midlines without directional strength as the pair develops a few pips above a bearish 20 SMA. The next Fibonacci resistance level comes at around 1.1070, and a break above the level is required for a more sustainable advance in the upcoming sessions.
Support levels: 1.0960 1.0900 1.0850
Resistance levels: 1.1020 1.1070 1.1115
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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