EUR/USD muted around 1.1200 ahead of German CPI and US GDP

Haresh Menghani FXStreet

The EUR/USD pair on Thursday was confined within a narrow trading range but has managed to hold its neck above 1.1200 handle, waiting for fresh impetus from German CPI and US GDP release.

Currently hovering around 1.1220 level, the pair initially witnessed a minor up-tick to 1.1236, on the back of OPEC deal led risk-on sentiment, but the gains were muted and lacked momentum. The pair subsequently retraced from highs and is now trading in neutral territory.

The preliminary German CPI print for the month of September is due for release in a short while from now. From the US, the final release of GDP growth figure for second quarter of 2016 would be the key highlight. The US economic calendar also features the release of weekly jobless claims and pending home sales data.

Technical levels to watch

On the upside 1.1250 level is likely to act as immediate resistance and is followed by a strong supply zone near 1.1275-80 region. Only a sustained break above 1.1280 resistance would open room for further near-term up-move for the pair.

Meanwhile on the downside, decisive break below 1.1210 session low support seems to drag the pair back towards 100-day SMA near 1.1185-80 region below which renewed selling pressure should take the pair back towards testing the very important 200-day SMA support near 1.1160-55 region before eventually dropping to an important horizontal support near 1.1125-20 zone.

1. R3 1.1298
2. R2 1.1268
3. R1 1.1242
PP 1.1212
1. S1 1.1187
2. S2 1.1156
3. S3 1.1131

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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