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31 Aug 2015
EUR/USD directionless around 1.1200
FXStreet (Edinburgh) - The European currency is now treading water around the 1.1200 handle vs. the greenback, with EUR/USD clinging to current gains in the low-1.1200s.
EUR/USD correcting lower from 1.1260
Spot continues to survive above the 1.1200 mark on Monday after climbing to the 1.1260/65 band in early trade. The pair paid little attention to the release of the preliminary inflation figures during August, although market concerns over the low inflation in the region could be a fresh source of EUR-weakness in light of the upcoming ECB meeting (Thursday).
After retreating for four consecutive sessions, spot is finally snapping the negative streak and posting decent gains today along with the offered tone prevailing around the US dollar.
In the data space, the Chicago PMI is due across the Atlantic, with consensus expecting the regional gauge at 54.7 for the current month.
EUR/USD key levels
At the moment the pair is advancing 0.16% at 1.1205 and a breakout of 1.1263 (high Aug.31) would target 1.1309 (high Aug.28) en route to 1.1364 (high Aug.27). On the flip side, the immediate support lines up at 1.1170 (low Aug.31) followed by 1.1156 (low Aug.28) and finally 1.1107 (low Aug.20).
EUR/USD correcting lower from 1.1260
Spot continues to survive above the 1.1200 mark on Monday after climbing to the 1.1260/65 band in early trade. The pair paid little attention to the release of the preliminary inflation figures during August, although market concerns over the low inflation in the region could be a fresh source of EUR-weakness in light of the upcoming ECB meeting (Thursday).
After retreating for four consecutive sessions, spot is finally snapping the negative streak and posting decent gains today along with the offered tone prevailing around the US dollar.
In the data space, the Chicago PMI is due across the Atlantic, with consensus expecting the regional gauge at 54.7 for the current month.
EUR/USD key levels
At the moment the pair is advancing 0.16% at 1.1205 and a breakout of 1.1263 (high Aug.31) would target 1.1309 (high Aug.28) en route to 1.1364 (high Aug.27). On the flip side, the immediate support lines up at 1.1170 (low Aug.31) followed by 1.1156 (low Aug.28) and finally 1.1107 (low Aug.20).