EUR/USD off highs near 1.1680 ahead of EMU CPI
- The run out of steam in the 1.1690 region earlier in the day.
- The upside in the greenback stays limited around 94.90.
- EMU’s CPI next on tap ahead of US U-Mich index.
EUR/USD is reverting Thursday’s pullback and is no posting small gains in the 1.1680/75 band.
EUR/USD now looks to data
The pair is now attempting to consolidate in the upper end of the weekly range, returning to sub-1.1700 levels although still managing well to keep gains for the third week in a row.
The greenback, in the meantime, faded yesterday’s spike to the 94.90 region and appears around the 94.60 area when tracked by the US Dollar Index (DXY). Renewed concerns in the EM FX space plus trade jitters gave the buck some fresh oxygen on Thursday.
Later in the session, advanced inflation figures in the euro area for the month of August should be in centre stage seconded by Italian GDP and preliminary CPI for the same period.
Across the pond, the final print of the Consumer Sentiment for the month of August is also due.
EUR/USD levels to watch
At the moment, the pair is up 0.10% at 1.1679 and a break above 1.1734 (high Aug.28) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9). On the downside, the next support at 1.1652 (low Aug.29) seconded by 1.1617 (55-day SMA) and finally 1.1544 (21-day SMA).
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.
