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EUR: EUR/USD Narrows in on Friday High and Key Resistance

EUR
USGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America

EUR/USD now making headway toward Friday's highs of 1.1203, aided higher by German regional CPIs which, while soft, don't match the sizeable downside surprises in Spanish, French releases last week.

  • This keeps the single currency as the strongest in G10 (alongside AUD) and further progress through 1.1203/1.1214 would confirm a resumption of the primary uptrend in the currency - which is shrugging off both increased speculation of a possible October ECB cut as well as Germany's flagging growth (evident in that last report that official growth expectations are to be revised lower to 0.0% from 0.3% for this year).
  • EUR/USD's gains are keeping EUR/GBP clear of any re-test of the key support flagged at 0.8317 - which intersects just ahead of 0.8311, the 3.00 projection of the Aug 8 - 13 - 14 price swing.
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EUR/USD now making headway toward Friday's highs of 1.1203, aided higher by German regional CPIs which, while soft, don't match the sizeable downside surprises in Spanish, French releases last week.

  • This keeps the single currency as the strongest in G10 (alongside AUD) and further progress through 1.1203/1.1214 would confirm a resumption of the primary uptrend in the currency - which is shrugging off both increased speculation of a possible October ECB cut as well as Germany's flagging growth (evident in that last report that official growth expectations are to be revised lower to 0.0% from 0.3% for this year).
  • EUR/USD's gains are keeping EUR/GBP clear of any re-test of the key support flagged at 0.8317 - which intersects just ahead of 0.8311, the 3.00 projection of the Aug 8 - 13 - 14 price swing.