- The pair remains within familiar range and tests lows around 1.1550.
- The greenback looks to pick up pace and approaches 95.30.
- EMU final September CPI matched the preliminary readings.
EUR/USD keeps struggling for direction in the middle of the week and is now navigating the mid-1.1500s following the release of CPI figures in Euroland.
EUR/USD looks to FOMC, Italy
The pair continues to fade yesterday’s advance after failing once again to break above the 1.1600 handle on a convincing fashion, prompting the return of sellers to the markets.
In addition, EUR remains apathetic after final inflation figures in Euroland for the month of September came in as expected, with headline prices rising 2.1% YoY and core prices up 0.9% over the last twelve months.
In the meantime, investors’ attention should remain on Italy, Brexit talks and the upcoming 2-day EU Leaders Summit kicking in tomorrow.
Data wise today, US Housing Starts and Building Permits are coming up next seconded by the EIA report on crude oil inventories and the FOMC minutes.
EUR/USD levels to watch
At the moment, the pair is losing 0.10% at 1.1563 and a break below 1.1542 (10-day SMA) would aim for 1.1432 (low Oct.9) and finally 1.1323 (200-week SMA). On the other hand, the next up barrier emerges at 1.1621 (high Oct.16) seconded by 1.1627 (100-day SMA) and then 1.1735 (high Aug.28).
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