Forex: EUR/USD below 1.2300 ahead of EU CPI
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EUR/USD
FXstreet.com (Barcelona) - Another day with a very light calendar in Europe, as only inflation figures in the euro bloc are due. Market consensus expects the CPI to remain unchanged at 2.4% through the year to July and to contract 0.5% in the monthly print. Core CPI estimates call for a rise of 1.9% YoY vs. +1.6% previous.
Docket across the pond includes housing data, the weekly report on the labor market, and the Philly Fed manufacturing survey.
At the moment the cross is down 0.05% at 1.2283 with the immediate support lying at 1.2261 (low Aug.13) followed by 1.2255 (up trend line from low Jul.25) then 1.2242 (low Aug.10) and 1.2195 (61.8% of 1.2042-1.2444).
On the flip side, a break above 1.2344 (high Aug.15) would expose 1.2388 (high Aug.9) then 1.2402 (high Aug.8) and 1.2432 (Upper Bollinger).
Docket across the pond includes housing data, the weekly report on the labor market, and the Philly Fed manufacturing survey.
At the moment the cross is down 0.05% at 1.2283 with the immediate support lying at 1.2261 (low Aug.13) followed by 1.2255 (up trend line from low Jul.25) then 1.2242 (low Aug.10) and 1.2195 (61.8% of 1.2042-1.2444).
On the flip side, a break above 1.2344 (high Aug.15) would expose 1.2388 (high Aug.9) then 1.2402 (high Aug.8) and 1.2432 (Upper Bollinger).
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