FXstreet.com (Barcelona) - The single currency keeps the positive mood although retracing early gains to the boundaries of the key support at 1.2600 on Tuesday, ahead of EMU Producer Price index due later. Market consensus expects the headline to rose 1.6% YoY in July, lower than June’s +1.8%.
Markets remain risk-on biased on Tuesday, waiting for ECB’s J.Asmussen’s speech and the results in the US economy: ISM Manufacturing (50.0 exp.) and Construction Spending (+0.4% exp.).
EUR/USD is now up 0.13% at 1.2604 facing the next hurdle at 1.2638 (high Aug.31) followet by 1.2641 (Upper Bollinger) then 1.2663 (50% of 1.3284-1.2042) and 1.2693 (high Jun.29).
On the flip side, a breakdown of 1.22581 (low Sep.4) would open the door to 1.2550 (low Sep.3) then 1.2548 (MA10d) and then 1.2500 (psychological level).
Markets remain risk-on biased on Tuesday, waiting for ECB’s J.Asmussen’s speech and the results in the US economy: ISM Manufacturing (50.0 exp.) and Construction Spending (+0.4% exp.).
EUR/USD is now up 0.13% at 1.2604 facing the next hurdle at 1.2638 (high Aug.31) followet by 1.2641 (Upper Bollinger) then 1.2663 (50% of 1.3284-1.2042) and 1.2693 (high Jun.29).
On the flip side, a breakdown of 1.22581 (low Sep.4) would open the door to 1.2550 (low Sep.3) then 1.2548 (MA10d) and then 1.2500 (psychological level).
