The EUR/USD pair meets with a fresh supply near the 1.0765-1.0770 area, or a one-week high touched this Tuesday and remains on the defensive heading i
EUR/USD retreats from a one-week top and is pressured by the emergence of some USD dip-buying.The uncertainty over the ECB’s rate-hike path also contributes to capping the upside for the major.EUR/USD
The US central bank is widely expected to pause its rate-hiking cycle at its upcoming monetary policy meeting on September 19-20. That said, additional rate hikes are still on the table by the end of this year as the incoming US macro data continues to point to a resilient economy and that inflation is not cooling fast enough. Hence, the market focus will remain glued to the crucial US CPI report, due for release on Wednesday and will provide fresh cues about the Fed's future rate hike path.
The aforementioned fundamental backdrop, meanwhile, suggests that the path of least resistance for the EUR/USD pair is to the downside. Traders, however, might refrain from placing aggressive bets and prefer to move to the sidelines ahead of the key data/central bank event risk, warranting some caution before positioning for the resumption of a well-established downtrend from the 1.1275 region, or a 17-month top touched in July.
On the flip side, the 1.0770 area might continue to act as an immediate barrier ahead of the 1.0800 round figure. This is closely followed by the 200-day SMA support breakpoint, currently pegged near the 1.0820-1.0825 region. A sustained strength beyond might trigger a short-covering rally and allow the EUR/USD pair to reclaim the 1.0900 mark.
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