EUR/USD holding on to 1.1600, US PPI on sight
|- The pair alternates gains with losses around the 1.1600 handle.
- The greenback clings to daily gains above 95.00 so far.
- US Producer Prices, Initial Claims next of relevance in the docket.
The European currency is struggling for direction on Thursday, taking EUR/USD to the 1.1600 neighbourhood ahead of the opening bell in Euroland.
EUR/USD looks to trade, data
Spot is attempting to consolidate in the upper end of the weekly range at/above 1.1600 the figure, although the continuation of the buying tone around the greenback is limiting the upside potential so far.
The lack of relevant publications/events in the region prompts investors to keep looking to the US-China trade spat as the exclusive driver of the mood in the global markets. In addition to the trade front, geopolitics could bring in some volatility after the US impose further sanctions against Russia on Wednesday.
Data wise across the pond, July’s Producer Prices are due along with the usual weekly report on the US labour market.
EUR/USD levels to watch
At the moment, the pair is down 0.02% at 1.1608 and a breakout of 1.1653 (10-day SMA) would aim for 1.1665 (55-day SMA) and finally 1.1745 (high Jul.30). On the other hand, immediate support emerges at 1.1527 (low Jun.28) seconded by 1.1508 (2018 low May 29) and then 1.1479 (low Jul.20 2017).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.