Thursday, November 12, 2015

EUR/USD around 1.0750, focus on German CPI

FXStreet (Edinburgh) - The single currency remains within the weekly vs. the greenback range on Thursday, taking EUR/USD to the 1.0750/55 area so far.

EUR/USD attention to German, EMU data, Draghi

It’s been quite a dull week for the single currency, with the pair navigating between 1.07 and 1.08 while market participants keep adjusting to the upcoming scenario of a potential rate hike by the Federal Reserve and the possibility of further easing measures by the European Central Bank, all expected to unveil in the next month.

In the meantime, German final inflation figures for the month of October are due early morning, followed by EMU’s Industrial Production and speeches by ECB’s M.Draghi and Y.Mersch.

EUR/USD levels to watch

As of writing the pair is advancing 0.13% at 1.0757 facing the next resistance at 1.0909 (downtrend from 1.1496) ahead of 1.0988 (76.4% Fibo of 1.1496-1.0706) and then 1.1086 (200-day sma). On the flip side, a breach of 1.0658 (low Apr.21) would open the door to 1.0600 (psychological level) and finally 1.0519 (low Apr.13).
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