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EUR/USD hovering around 1.1050, looks to risk, data

Written by By Pablo Piovano | 2019-09-11 05:48:57 GMT
  • EUR/USD keeps the familiar range in the mid-1.10s.
  • Rumours of German fiscal stimulus died off quickly.
  • US Producer Prices next of significance later in the day.

EUR/USD is prolonging the multi-session sideline theme around the 1.1050 region amidst increasing cautiousness ahead of the ECB event on Thursday.

EUR/USD focused on risk trends, ECB

The pair continues to trade in an erratic fashion above the 1.1000 handle, as markets get closer to the key ECB event on Thursday.

In fact, the central bank is expected to unveil a package of looser monetary conditions tomorrow aimed to lift inflation pressures in the region and fight the unremitting economic slowdown.

In the meantime, another bout of market chatter regarding the probability that the German government could pump in some fiscal stimulus have lent extra oxygen to EUR on Tuesday, although those effects faded away rapidly.

There are no scheduled events/publications in Euroland today, whereas Producer Prices will be the main release across the pond.

What to look for around EUR

The pair is expected to stabilize at current levels, as markets get closer to the ECB gathering on Thursday. The recent up move to the upper 1.10s is still seen as corrective only, as results from the domestic docket keep the pressure intact on the single currency and support the need for ECB stimulus. This view is also expected to keep occasional bullish attempts well contained for the time being. On the political front, Italian effervescence looks dissipated for the time being, while uncertainty over UK politics and Brexit could add to the current inconclusive price action.

EUR/USD levels to watch

At the moment, the pair is gaining 0.05% at 1.1049 and faces the next barrier at 1.1084 (high Sep.5) followed by 1.1154 (55-day SMA) and finally 1.1163 (high Aug.26). On the flip side, a breach of 1.0925 (2019 low Sep.3) would target 1.0839 (monthly low May 11 2017) en route to 1.0569 (monthly low Apr.10 2017).

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By Pablo Piovano
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