- The pair alternates gains with losses around the 1.1500 region.
- The greenback keeps gains in the 95.70/80 band.
- US Producer Prices rose 0.2% MoM in September.
The single currency alternates gains with losses on Wednesday while EUR/USD keeps orbiting around the critical 1.1500 neighbourhood.
EUR/USD apathetic on US data, looks to Italy
The pair remains sidelined in the 1.1500 area on Wednesday, coming up from yesterday’s lows in the vicinity of 1.1430.
A sustained breakout of this level, however, remains elusive amidst persistent concerns over Italian politics, US-China trade dispute, back and forth around Brexit and in the broader picture, prospects of further tightening by the Federal Reserve.
In the meantime, spot paid little-to-none attention to the release of US Producer Prices, which rose at a monthly 0.2% and 2.6% on a year to September. Core prices met estimates advancing 0.2% inter-month and 2.5% over the last twelve months.
Later in the session, Chicago Fed C.Evans (2019 voter, centrist) is due to speak.
EUR/USD levels to watch
At the moment, the pair is gaining 0.11% at 1.1504 and a break above 1.1542 (high Oct.4) would target 1.1594 (55-day SMA) en route to 1.1626 (21-day SMA). On the flip side, immediate contention emerges at 1.1432 (low Oct.9) seconded by 1.1326 (200-week SMA) and finally 1.1299 (2018 low Aug.15).
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