30 Jul 2015
EUR/USD sidelined around 1.0970
FXStreet (Edinburgh) - After testing fresh daily lows in the 1.0940 area, EUR/USD is now looking to consolidate in the 1.0970 zone ahead of German CPI and US GDP.
EUR/USD navigates a narrow range
Spot remains in a 50-pip range so far, with gains capped around overnight tops near 1.0990 while sellers could not push further than 1.0940 for the time being. The euro has remained apathetic so far to the better-than-expected releases in Euroland, showing positive GDP figures in Spain and auspicious results in the bloc as a whole, with Economic Sentiment and Business Climate surpassing consensus.
However, more relevant preliminary German inflation figures for the current month and the US GDP during the second quarter carry more potential impact on the pair, mainly after the recent FOMC statement and the likeliness of a rate hike as soon as September.
EUR/USD levels to watch
As of writing pair is losing 0.09% at 1.0973 and a breakdown of 1.0923 (low Jul.23) would aim for 1.0869 (low Jul.22) and then 1.0811 (low Jul.21). On the flip side, the next up barrier aligns at 1.1080 (high Jul.29) ahead of 1.1130 (high Jul.27) and finally 1.1197 (high Jul.13).
EUR/USD navigates a narrow range
Spot remains in a 50-pip range so far, with gains capped around overnight tops near 1.0990 while sellers could not push further than 1.0940 for the time being. The euro has remained apathetic so far to the better-than-expected releases in Euroland, showing positive GDP figures in Spain and auspicious results in the bloc as a whole, with Economic Sentiment and Business Climate surpassing consensus.
However, more relevant preliminary German inflation figures for the current month and the US GDP during the second quarter carry more potential impact on the pair, mainly after the recent FOMC statement and the likeliness of a rate hike as soon as September.
EUR/USD levels to watch
As of writing pair is losing 0.09% at 1.0973 and a breakdown of 1.0923 (low Jul.23) would aim for 1.0869 (low Jul.22) and then 1.0811 (low Jul.21). On the flip side, the next up barrier aligns at 1.1080 (high Jul.29) ahead of 1.1130 (high Jul.27) and finally 1.1197 (high Jul.13).