The EUR/USD currency pair on Tuesday pulled back off the day’s session highs of about 1.1950 to trade at around 1.1900. This came following the latest round of the US data. 

The currency pair still appears to be trading within a descending pattern formation despite making an attempt to bounce back over the last few days. Tuesday’s pullback pushed the pair well below the 100-hour and the 200-hour SMA lines in the 60-min chart. The currency pair continues to trade very close to the overbought levels of the 14-hour RSI.

EUR/USD Fundamentals Overview

From a fundamental perspective, the EUR/USD currency pair is trading at the back of a relatively busy period in the US market. On Tuesday, the US retails ales control group figures for February missed the expected change of -0.9% with a change of -3.5%. General retail sales for the period also missed the expected (MoM) change of -0.5% with a change of -3%. Retail sales ex-autos missed the expected (MoM) change of -0.1% with a change of -2.7%. 

Industrial production for February also missed the expected (MoM) change of 0.6% with -2.2% while capacity utilization came short of 75.8% with 73.8%. On the other hand, the import price index beat the expected (MoM) change of 1.2% with 1.3%. The export price index for February also outshone 0.9% with 1.6% (MoM). The NAHB housing market index for March came short of 83 with 82.

EUR/USD Technical Analysis (the 60-min Chart)

Technically, the EUR/USD currency pair appears to be trading within gently ascending channel formation the 60-min chart. This is stemming out of a bigger descending channel. It shows that the bulls are attempting to trigger a market reversal.

They will be looking to extend the recovery towards 1.1935 or higher to 1.1971. On the other hand, the bears will look to pounce for short-term profits at around 1.1873 or lower at 1.1836.

EUR/USD Technical Analysis (the Daily Chart)

In the daily chart, the EUR/USD currency pair appears to be trading within an ascending channel formation. This indicates a significant long-term bullish bias in the market sentiment. The latest rebound prevented the pair from crossing to oversold levels of the 14-day RSI.

The bulls will look to ride this rebound by targeting profits at around 1.2019 or higher at 1.2183. On the other hand, the bears will target long-term profits at around 1.1773 or lower at 1.1609.