EUR/USD stays below 1.1600 post-US data

The pair keeps the usual range following US data releases.
The greenback eased a tad after PPI missed estimates in July.
US Producer Prices rose less than forecasted during last month.

Pablo Piovano FXStreet

The single currency keeps the negative ground so far today and is now prompting EUR/USD to navigate within the daily range below the 1.1600 milestone.

EUR/USD weaker despite US data

The pair remained apathetic despite today’s US docket came in on a mixed tone. In fact, US Producer Prices came in flat on a monthly basis during July and rose 3.3% over the last twelve months. Prices excluding energy and food costs gained 0.1% inter-month and 2.7% on a yearly basis.

Further US releases saw Initial Claims rising 213K WoW, bettering estimates and taking the 4-week Average to 214.25K from 214.75K.

In the meantime, spot is looking to consolidate after failing to break above the 1.1630 region earlier in the week. The inability to move further north of this area could originate some consolidation in the near term with the likelihood of a deeper retracement afterwards.

EUR/USD levels to watch

At the moment, the pair is down 0.12% at 1.1596 and a breach of 1.1527 (low Jun.28) would open the door to 1.1508 (2018 low May 29) and then 1.1479 (low Jul.20 2017). On the upside, the next hurdle lines up at 1.1653 (10-day SMA) seconded by 1.1665 (55-day SMA) and finally 1.1745 (high Jul.30).

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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