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EUR/USD failed to breach $1.1700 on.....>

EURO-DOLLAR
EURO-DOLLAR: EUR/USD failed to breach $1.1700 on Wednesday after gaining some
traction following the marginal miss in m/m U.S. CPI.
- The minutes from the ECB's latest meeting shed little further light on the
timing of the next ECB rate hike & gave no evidence of any internal split on the
'through the summer' language employed.
- The rate peaked at $1.1696 on Wednesday, which offers the initial point of
resistance, followed by the 61.8% retracement of the move from $1.1758 to
$1.1650 & the 50-DMA ($1.1717/22). Modest USD strength in early Asia dealing saw
a low of $1.1655, with support seen just below at the 21-DMA ($1.1651), a break
would open up a move to the July 04 low ($1.1627).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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