EUR/USD toying with session lows near 1.1820, US CPI on sight

Pablo Piovano FXStreet

The European currency has faded the initial strength to the mid-1.1800s vs. the greenback and is now prompting EUR/USD to recede to the area of daily lows in the 1.1820 area.

EUR/USD focus on US calendar

The pair is now posting losses for the second straight session amidst some pick up in the demand for the greenback although yields of the key US 10-year reference remains sidelined around the 2.32% area.

In the meantime, spot keeps the upbeat tone on a weekly basis, reverting two consecutive weeks closing in the negative territory albeit so far failing to sustain the bounce further north of the 10-day sma, currently n the 1.1865/70 band.

Later in the NA session, critical US inflation figures tracked by the CPI will be the salient publication seconded by the always-relevant retail sales and the advance gauge of the consumer sentiment by the Reuters/Michigan index for the current month.

Further out, Boston Fed E.Rosengren (2019 voter, hawkish), Chicago Fed C.Evans (voter, centrist), Dallas Fed R.Kaplan (voter, dovish) and FOMC’s permanent voter J.Powell (dovish) are all due to speak as well.

EUR/USD levels to watch

At the moment, the pair is losing 0.08% at 1.1821 and a break below 1.1777 (10-day sma) would target 1.1686 (low Oct.6) en route to 1.1662 (low Aug.17). On the other hand, the initial resistance is located at 1.1911 (high Aug.2) followed by 1.2033 (high Sep.20) and finally 1.2094 (2017 high Sep.8).

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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