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EUR/USD falls to session low on dollar bids, softer CPI


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EUR/USD falls to a low of 1.1358 on the day


ForexLive
The greenback is starting to gather some decent momentum on the session as it rises to a session high against the rest of the major bloc. There’s no particular headline to have spurned bids in the dollar but a move lower in the euro and sterling appears to have kicked markets into life in what has been an otherwise dull session.
EUR/USD now threatens a break of the 200-hour MA (blue line) and hold a move below that and the near-term bullish bias will be broken. A similar move yesterday was only thwarted by support from around 1.1350. So, that will be the next key area to look out for before the 100-hour MA (red line) @ 1.1342.
There’s talks of month end demand doing the rounds for the dollar but the move lower in the euro also in part can be tied to the softer core inflation figure earlier. However, given the backdrop of the Trump-Xi summit to come, it’s hard to see markets get too ahead of themselves so I would expect the move here to be very much contained.
But as mentioned yesterday, the “Powell put” doesn’t look to have any signs of lasting and in part the dollar’s strength here owes much to that too.

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