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28 Aug 2015
EUR/USD revisits 1.1260, German CPI in focus
FXStreet (Mumbai) - The EUR/USD pair continues to lose strength and returns to the familiar ranges seen during early European trades, as traders remain on the side lines ahead of the crucial German CPI data due to be released shortly.
EUR/USD retraces from 1.1280
The EUR/USD pair trades 0.22% higher at 1.1269 and now heads towards 1.1250 – key levels. The bid tone around the EUR/USD pair keeps reducing as we head towards the US opening bells with all eyes on upcoming German CPI data followed by a host of US macro data including the Fed’s closely watched PCE price index.
Moreover, the US dollar has reversed most losses and appears to resume its upward trajectory against its major peers as traders eagerly await the US PCE price index which may further confirm the recent greenback strength.
The US session will also be in focus today with the Jackson Hole Symposium continuing, while the personal income data and the University of Michigan confidence survey will also be closely tracked.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1310 (Today’s High), above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1232 (Today’s Low) below which it could extend losses to 1.1202 (Aug 27 Low) levels.
EUR/USD retraces from 1.1280
The EUR/USD pair trades 0.22% higher at 1.1269 and now heads towards 1.1250 – key levels. The bid tone around the EUR/USD pair keeps reducing as we head towards the US opening bells with all eyes on upcoming German CPI data followed by a host of US macro data including the Fed’s closely watched PCE price index.
Moreover, the US dollar has reversed most losses and appears to resume its upward trajectory against its major peers as traders eagerly await the US PCE price index which may further confirm the recent greenback strength.
The US session will also be in focus today with the Jackson Hole Symposium continuing, while the personal income data and the University of Michigan confidence survey will also be closely tracked.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1310 (Today’s High), above which gains could be extended to 1.1361 (Aug 24 Low), levels. On the flip side, support is seen at 1.1232 (Today’s Low) below which it could extend losses to 1.1202 (Aug 27 Low) levels.