FXStreet (Edinburgh) - The single currency remains within a narrow range on Tuesday, taking the EUR/USD to the area near 1.3600 the figure.
EUR/USD focus on IFO
The overnight price action saw spot climbing to session highs in the 1.3605/10 band amidst lack of data releases, although the EUR is currently easing some pips to sub-1.3600 levels. Ahead in the day, the German IFO indicator will be in the limelight, with consensus expecting mixed results. Across the pond, the S&P/Case-Shiller index, Consumer Confidence and New Home Sales will grab all the attention. “EUR has likely formed a temporary short-term low at 1.3574 yesterday. Expect this level to hold for a stronger recovery towards 1.3620/25”, commented Quek Ser Leang, Market Strategist at UOB Group.
EUR/USD levels to consider
The pair is now losing 0.04% en 1.3597 and a breakdown of 1.3584 (low Jun.19) would expose 1.3569 (10-d MA) and finally 1.3543 (55-w MA). On the flipside, the initial hurdle aligns at 1.3644 (high Jun.19) followed by 1.3669 (high Jun.9) and then 1.3677 (high Jun.6).