EURUSD Chart Technical Outlook maintains its bearish tone with supports at 1.1030 and 1.0950
The Euro remains biased lower with the US Dollar favoured by the cautious market mood. Mixed trade balance figures from China coupled with the soft consumer inflation seen on Monday have highlighted the weak momentum of the world´s second-largest economy, dampening risk appetite.
In the calendar today, the German Consumer inflation is expected to have remained steady on Friday, although the impact on the pair will be minor. Investors´s focus is on Wednesday´s US CPI to assess the size of next week’s Fed rate cut.
The pair is now at the 1.1030 area, where it might find some support, with rallies likely to be sold. Below here, the 50% Fibonacci retracement is near the 1.1000 round level, ahead of the August 15 low, at 1.0950. Resistances are 1.1140 and 1.1195.
