EUR/USD bounces off lows near 1.1530, US CPI on sight

The pair eases from recent tops and re-tests the 1.1530 area.
The greenback manages to pick up some pace near 95.40.
ECB minutes, US CPI to drive sentiment ahead in the session.

Pablo Piovano FXStreet

After briefly testing the 1.1570/75 band during early trade, EUR/USD has now come under some selling pressure and has receded to the 1.1530 region, or daily lows.

EUR/USD looks to ECB, US data

After two consecutive daily pullbacks, the pair’s upside momentum is now showing some signs of exhaustion beyond the critical 1.1500 milestone.

Renewed weakness around the greenback plus some mitigated concerns over the Italian political scenario (most of the bad news around Italy seems already priced in) have been collaborating with the more than 1 cent up move in spot from lows in the 1.1430 region seen on Tuesday. In fact, yesterday's sell-off in the US stock markets has been followed by fresh criticism from President Trump to the Fed's monetary policy stance, all impacting on the buck and therefore lifting the mood in the risk-associated complex.

Moving forward, the ECB will publish its minutes from the latest meeting, while across the pond the attention will be on the release of September’s inflation figures measured by the CPI.

EUR/USD levels to watch

At the moment, the pair is gaining 0.17% at 1.1542 and a break above 1.1572 (high Oct.11) would target 1.1592 (55-day SMA) en route to 1.1623 (21-day SMA). On the flip side, immediate contention emerges at 1.1432 (low Oct.9) seconded by 1.1326 (200-week SMA) and finally 1.1299 (2018 low Aug.15).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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