EUR/USD Price Analysis: Euro recovers within nearby triangle below 1.1000 amid looming Italy tax woes – by anilpanchal7 EURUSD Technical Analysis Italy Banks RiskAppetite
China-linked data, news favored Euro pair’s corrective as US Dollar braces for inflation data.EUR/USD consolidates weekly losses amid Wednesday’s sluggish morning in Europe. In doing so,pair licks its wounds within a two-month-old symmetrical triangle as market sentiment improves a bit on news and data surrounding China.
That said, the improvement in China’s factory-gate inflation supersedes the downbeat consumer price increase to underpin recent stabilization in the market. Further, the latest risk-positive news from the Biden Administration, cited by Bloomberg, also allows the EUR/USD traders to lick their wounds.
Technically, the Euro pair’s rebound from the bottom line of the aforementioned triangle joins the upbeat RSI line, not overbought, to defend the EUR/USD bulls. However, the stated triangle’s top line around the 1.1000 psychological magnet precedes the 200-SMA hurdle of around 1.1020 to restrict the short-term EUR/USD upside.
Meanwhile, a downside break of the triangle’s support line, close to 1.0930 by the press time, can amplify the bearish bias about the Europe pair and drag it towards the previous monthly low of around 1.0830.EUR/USD: Four-hour chart
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