EUR/USD slips back to the 1.1970 area, near session lows

Pablo Piovano FXStreet

EUR/USD surrendered some gains following the release of US data, and is currently hovering around the 1.1970/60 zone.

EUR/USD upside lost momentum ahead of 1.2000

Spot stayed apathetic after US producer prices came in below expectations during August. In fact, producer prices rose 0.2% inter-month during last month and 2.4% over the last twelve months.

Further data saw core producer prices rising at a monthly 0.1% and 2.0% on an annualized basis.

In the meantime, the pair remains well bid near the 1.2000 handle, while occasional drops still representing buying opportunities. This stance is further reinforced by the recent activity in EUR futures markets.

EUR/USD levels to watch

At the moment, the pair is losing 0.03% at 1.1963 facing the next support at 1.1946 (10-day sma) seconded by 1.1888 (21-day sma) and then 1.1823 (low Aug.31). On the other hand, a break above 1.2041 (high Sep.11) would target 1.2092 (2017 high Sep.6) en route to 1.2167 (50% Fibo of the 2014-2017 drop).

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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