- The pair keeps its gains in the 1.1760/70 band ahead of NA open.
- The greenback remains sidelined above the 94.00 mark.
- EUR paid no attention to ECB-speak. US data next on tap.
EUR/USD alternates gains with losses during the first half of the week and keeps navigating the 1.1760/70 band ahead of the opening bell in Wall Street.
EUR/USD looks to data, FOMC
The pair continues to navigate in the upper end of the recent range near 1.1800 the figure, although a sustainable breakout of this key resistance still remains elusive.
Spot is attempting a very near term sideline theme as global markets expect the Fed decision on rates tomorrow, while jitters on the US-China trade front look mitigated for the time being. In this regard, it is worth mentioning that China cancelled its talks with the US and they’re likely to resume at some point after the US midterm elections.
In the meantime, EUR faded part of the Draghi-led recent gains to 1.1800 and above amidst some pick up in the demand for the greenback and a cautious trade ahead if the FOMC gathering on Wednesday.
Later in the NA session, US house prices tracked by the S&P/Case-Shiller Index are due seconded by the Richmond Fed manufacturing index and the more relevant measure of the Consumer Confidence by the Conference Board for the current month.
EUR/USD levels to watch
At the moment, the pair is up 0.10% at 1.1761 and a breakout of 1.1815 (high Sep.24) would target 1.1853 (monthly high Jun.14) en route to 1.1946 (200-day SMA). On the flip side, the next support aligns at 1.1701 (10-day SMA) followed by 1.1662 (21-day SMA) and then 1.1526 (low Sep. 10).
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