EUR/USD Price Analysis: Euro bulls eye 1.1280, US Retail Sales as ECB officials advocate higher rates
- EUR/USD edges higher within immediate trading range surrounding 17-month high.
- Hawkish ECB talks, broad US Dollar weakness underpin Euro upside ahead of key data.
- Upbeat RSI, sustained trading beyond key SMAs favor EUR/USD bulls.
- Euro buyers need validation from 1.1280 and US Retail Sales to approach previous yearly high.
EUR/USD remains on the front foot within a three-day-old 50-pip trading range above 1.1200, poking the upper limit surrounding 1.1250 during the mid-Asian session on Tuesday.
In doing so, the Euro pair cheers broad US Dollar weakness while also justifying hawkish commentary from the European Central Bank (ECB) Officials during a sluggish session ahead of the key US Retail Sales for June.
Also read: EUR/USD prods 1.1250 hurdle on hawkish ECB talks ahead of US Retail Sales
That said, the major currency pair’s successful trading above the 50 and 100 SMAs, as well as beyond a one-week-old rising support line, joins the upbeat RSI (14) line, not overbought, to keep the EUR/USD buyers hopeful of crossing the 1.1250 hurdle.
However, multiple levels marked in late 2021 and early 2022 challenged the Euro bulls near 1.1280 before directing them to the previous yearly high of around 1.1500.
Meanwhile, the 50-SMA and the stated trading range’s lower limit, respectively near 1.1230 and 1.1200, challenge intraday EUR/USD bears.
Following that, a convergence of the 100-SMA and an upward-sloping support line from July 06, close to 1.1175, appears as the key support to break for the EUR/USD sellers before taking control.
EUR/USD: Hourly chart
Trend: Further upside expected