- Spot remains without a clear direction below the 1.1700 handle.
- German IFO came in above estimates for the current month.
- US-EU trade dispute in centre stage in light of the Trump-Junkcer meeting.
The single currency keeps alternating gains with losses vs. its American peer on Wednesday, with EUR/USD navigating a narrow range below 1.1700 the figure.
EUR/USD looks to EU-US trade
The pair is prolonging the sideline theme today, moving below the 1.1700 milestone despite the auspicious results from the German IFO.
In fact, German Current Assessment rose to 105.3 for the current month (vs. 104.8 expected) and Business Climate came in a tad above forecasts at 101.7. These results add to the positive prints from the advanced Manufacturing PMI published on Tuesday, although the impact on spot remains marginal, if any at all.
Later in the day, EUR should be vigilant on the meeting between President Trump and the Head of the European Commission, J.C.Juncker, all aimed to avoid opening another front in the current trade war.
Across the pond, the US housing sector will be in the limelight with the release of New Home Sales during last month.
EUR/USD levels to watch
At the moment, the pair is gaining 0.03% at 1.1692 facing the next up barrier at 1.1749 (high Jul.23) followed by 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14). On the downside, a breakdown of 1.1575 (low Jul.19) would open the door to 1.1527 (low Jun.28) and then 1.1508 (2018 low May 30).
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