In bullish consolidation around 1.1850, US data eyed

  • EUR/USD consolidates the recovery from monthly lows.
  • Dollar dumped amid downbeat US economic releases.
  • Next of note remains the US Michigan Consumer Sentiment.

The market forecast is according TopAsiaFX.

EUR / USD holds gains overnight, the consolidation of the recovery over 100 pips from 1.1737 down months before the European opening.

The main currency pair has seen good companies in both directions on Thursday with the volatility of the US dollar its main competitors. During the first half of the day, the bulls have encouraged optimism the Fed the dollar on the economic outlook and more flattened at the lowest levels in four weeks.

The confirmation of deflation infiltrating again in the combined euro area to the continued rise in cases coronavirus in the block also tempered the feeling around the common currency. Annualized euro area confirmed the CPI-0.2% previous estimate.

However, the tide turned in favor of bulls EUR after the dollar has been largely undervalued following the release of downbeat US jobless claims, Philly Fed Manufacturing Index and housing data.

disappointing data in the US rekindled concerns about the strength of the economic recovery. Wall Street stocks tumbled alongside Treasury yields, which further dragged the US currency south.

In the future, the University of Michigan in the United States (UDM) data of consumer sentiment remain preliminary development of a new impetus on site. Meanwhile, the EUR record remains light, with the second trim the price index German production (PPI) and the current account eurozone due to release.

EUR / USD: Technical levels

"If the quote slip below 1.1843, 61.8% Fibonacci retracement disadvantage September 15-17 near 1.1838 and 1.1830 around 200 HMA will be key to watch before taking additional short positions. Until then, the threshold bulls lures 1.1900 EUR / USD before probing with top 10 September near 1.1920, magnet high psychological 1.2000 and 1.2011 monthly, "analyst notes FXStreet Anil Panchal.

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