EUR/USD clings to gains around 1.18 post-CPI

• The pair keeps the familiar range on US CPI results.
• US 10-year yields flirt with tops in the vicinity of 2.98%.
• US CPI rose 0.2% MoM. Core CPI rose 0.2% MoM.

EUR/USD sticks to its daily gains on Tuesday, gyrating around 1.1800 the figure in the wake of ‘in line’ US inflation figures during May.

EUR/USD now looks to FOMC, ECB

The pair keeps the recent range intact after US inflation figures measured by the CPI rose at an annualized 2.8% and 0.2% inter-month during May, matching prior surveys.

In addition, prices stripping food and energy costs rose 2.2% over the last twelve months and 0.2% MoM, also matching estimates.

However, spot has barely reacted to the releases, as markets remain cautious and sidelined ahead of the FOMC gathering and the ECB meeting due on Wednesday and Thursday, respectively.

EUR/USD levels to watch

At the moment, the pair is gaining 0.08% at 1.1794 and a break above 1.1840 (high Jun.7) would target 1.1854 (38.2% Fibo of 1.2413-1.1508) en route to 1.1998 (high May 14). On the other hand, initial contention lines up at 1.1726 (low Jun.8) seconded by 1.1731 (10-day sma) and finally 1.1617 (low Jun.1).