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Forex pairs in this Article » EUR/USD (Edinburgh) - The EUR/USD is now looking to stabilize in the area of 1.3590/1.3600 on Thursday, ahead of the critical German preliminary inflation figures.

EUR/USD supported near 1.3590

After hitting fresh weekly highs near 1.3620, the pair returned to the 1.3590/1.3600 region as the bullish momentum lost legs. The German preliminary consumer prices have grown in importance as of late, amidst the scenario of disinflationary pressures building up in the 17-nation region and in light of next week’s ECB meeting. Frank Oland, Euro Area Analyst at Danske Bank, noted, “All in all, the ECB's monetary analysis should give it good reason to consider whether it is doing enough. We expect the ECB to be on hold in December, but today’s data should certainly help to keep it on an easing bias and we will probably see more action in 2014”.

EUR/USD levels to watch

At the moment the pair is advancing 0.15% at 1.3593 with the next up barrier at 1.3628 (61.8% of 1.3822-1.3295) ahead of 1.3647 (daily cloud top) and then 1.3696 (low Oct.30). On the downside, a dip beyond 1.3564 (low Nov.28) would expose 1.3558 (low Nov.27) and finally 1.3529 (MA21d).
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