EUR/USD clings to gains around 1.1860, US CPI eyed

• The pair posts marginal gains in the 1.1850/60 band on Thursday.
• USD slightly offered around the 93.00 handle.
• US CPI next of relevance for the pair later in the NA session.

After a brief test of the 1.1870/75 band during early trade, EUR/USD has now recedes some ground and returns to the mid-1.1800s ahead of the opening bell in Euroland.

EUR/USD looks to US CPI

The pair attempted a bull run to the vicinity of the 1.1900 handle on Wednesday, although the up move lacked of follow through eventually, all amidst a softer greenback and rising US yields.

On the USD-side, the buck eased from YTD peaks around 93.40 on Wednesday and is now looking to stabilize in the 93.00 neighbourhood, alternating gains with losses so far today.

There are no scheduled publications/events in the euro area today, leaving all the attention to the release of US inflation figures tracked by the CPI later in the NA session. In addition, the weekly report on the US labour market is also due.

EUR/USD levels to watch

At the moment, the pair is up 0.07% at 1.1858 facing the next hurdle at 1.1959 (10-day sma) seconded 1.2018 (200-day sma) and finally 1.2153 (low Mar.1). On the other hand, a break below 1.1823 (2018 low May 8) would open the door to 1.1768 (78.6% Fibo of November-February up move) and finally 1.1718 (monthly low Dec.12 2017).