The single currency stays bid during the European morning, with EUR/USD navigating the area above 1.1400 the figure.
EUR/USD supported by ECB rumours, looks to US CPI
The pair is extending the sideline theme around the 1.1400 handle after being rejected from fresh 14-month peaks near 1.1490 on Wednesday.
EUR/USD climbed higher on the back of dovish comments from FOMC’s permanent voter Lael Brainard earlier in the week, although the abrupt bullish attempt run out of legs in the vicinity of the key handle at 1.1500 the figure.
The greenback, in the meantime, seems to have found insufficient both testimonies by Chair J.Yellen on Wednesday and Thursday to move higher, relegating instead the US Dollar Index to menader in the mid-95.00s.
EUR at the same time stays supported by recent news citing President Draghi will announce some sort of tapering at the Jackson Hole Symposium later in the year, while recent activity in EUR futures markets keeps pointing to ocassional dips to stay shallow.
Later in the session, US CPI and retail sales for the month of June will be key in determining the buck’s direction in the near term, while they could also collaborate in the building of expectations of further tightening by the Federal Reserve in the next months.
Additional US data will see capacity utilization, industrial and manufacturing production, July’s advanced consumer sentiment and the speech by Dallas Fed R.Kaplan (voter, hawkish).
EUR/USD levels to watch
At the moment, the pair is gaining 0.12% at 1.1412 facing the immediate hurdle at 1.1435 (long-term resistance line) followed by 1.1489 (2017 high Jul.12) and finally 1.1500 (psychological handle). On the flip side, a breach of 1.1371 (low Jul.13) would target 1.1321 (21-day sma) and finally 1.1311 (low Jul.5).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.