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31 Aug 2015
EUR/USD now stabilizing around 1.1200
FXStreet (Edinburgh) - The currency now seems to attempt a consolidation pattern around 1.1200 the figure vs. the greenback, with EUR/USD coming down from daily peaks near 1.1260.
EUR/USD shrugged off EMU data
The pair remained apathetic after preliminary core consumer prices in the euro area rose 1.0% on a year to August, in line with market expectations. A cautious tone amongst traders seems to prevail at the beginning of the trading week, in light of the ECB meeting on Thursday and US Payrolls on Friday (220K exp. in August).
Consensus amongst traders favours a dovish tone from the European Central Bank at this week’s meeting based on the pick-up of the common currency as of late but mainly due to the reluctance seen in the region’s consumer prices, with core CPI somewhat stagnant around 1.0% on a yearly basis.
EUR/USD key levels
At the moment the pair is advancing 0.18% at 1.1208 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 shrugged off EMU data
The pair remained apathetic after preliminary core consumer prices in the euro area rose 1.0% on a year to August, in line with market expectations. A cautious tone amongst traders seems to prevail at the beginning of the trading week, in light of the ECB meeting on Thursday and US Payrolls on Friday (220K exp. in August).
Consensus amongst traders favours a dovish tone from the European Central Bank at this week’s meeting based on the pick-up of the common currency as of late but mainly due to the reluctance seen in the region’s consumer prices, with core CPI somewhat stagnant around 1.0% on a yearly basis.
EUR/USD key levels
At the moment the pair is advancing 0.18% at 1.1208 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).