EUR/USD well supported at 1.1700 ahead of CPI, GDP

The pair looks underpinned by the 1.1700 handle on Tuesday.
The greenback trades flat around the 94.30 region.
EMU’s advanced GDP, CPI figures are next of relevance.

Pablo Piovano FXStreet

The bid tone around the European currency remains well and sound during the first half of the week, motivating EUR/USD to reclaim the area above the key barrier at 1.1700 the figure.

EUR/USD looks to data

Spot is looking to add to recent gains, prolonging at the same time the reboun d from Friday’s lows in the 1.1625/20 band.

The soft start of the week around the greenback has allow the pair to gather some upside traction beyond the 1.1700 handle, although a sustainable breakout above the critical 1.1750 area appears elusive for the time being.

Later in Euroland, advanced inflation figures for the month of July and preliminary readings from Q2 GDP will grab all the attention. Interesting docket across the pond too, as Personal Income/Spending is due along with the PCE and the S&P/Case-Shiller Index.

EUR/USD levels to watch

At the moment, the pair is up 0.03% at 1.1710 and faces the initial hurdle at 1.1749 (high Jul.23) seconded by 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14). On the flip side, a breakdown of 1.1621 (low Jul.27) would target 1.1575 (low Jul.19) en route to 1.1527 (low Jun.28).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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