The EUR/USD pair meets with some supply during the Asian session on Tuesday and erodes a part of the previous day's gains amid the emergence of fresh US Dollar (USD) buying.
EUR/USD comes under renewed selling pressure amid a modest pickup in USD demand. The technical setup warrants caution for bearish traders ahead of the key Eurozone CPI. The market focus will then shift to the FOMC policy decision, scheduled for Wednesday. The EUR/USD pair meets with some supply during the Asian session on Tuesday and erodes a part of the previous day's gains amid the emergence of fresh US Dollar buying.
A convincing break below might prompt some technical selling and drag the EUR/USD pair towards last week's swing low, around the 1.0625 region en route to the 1.0600 mark or the YTD trough touched earlier this month. On the flip side, bulls need to wait for a sustained strength beyond the 1.0730-1.0740 supply zone before positioning for any further gains. The EUR/USD pair might then accelerate the positive move towards reclaiming the 1.0800 round figure before climbing to the 1.0835-1.
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