The US Dollar maintained a weak tone throughout the first half of the day, helping the EUR/USD extend its modest advance towards the 1.0860 region during the European session.
EUR/USD Current price: 1.0854 The US Dollar remains on the back foot, although losses are limited ahead of US inflation data. The United States Durable Good Orders came in better than anticipated in February. EUR/USD hovers around 1.0850 and lacks directional momentum in the near term. Major pairs have remained confined to tight ranges since the week started as the macroeconomic calendar has remained scarce and as market players fully price in central banks' monetary policy decisions.
However, the report had no impact on EUR/USD. EUR/USD short-term technical outlook The EUR/USD pair holds on to modest gains but has made no progress. It keeps trading between Fibonacci levels, contained by the 38.2% retracement of the 1.0694/1.0981 rally at 1.0870, while currently above the 50% retracement of the same run at 1.0835. The bullish potential, however, remains limited according to technical readings in the daily chart.
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