EUR/USD finds resistance at 1.1320 and retreats

By FXStreet FXStreet (Córdoba) – EUR/USD rallied from 1.1212 to 1.1320 in a few hours, climbing from the lowest level since Thursday to test Tuesday’s highs. The decline of the US dollar across the board paused and the pair retreated, trimming gains.

Currently it trades at 1.1294/98, 30 pips above the level it had 24 hours ago, and is moving without a clear bias as trader’s attention turns to tomorrow’s events.

EUR/USD awaits for the Fed

Today’s economic data from the US, with the CPI in line with expectations (annual rate of 0.2% and the core rate at 1.8%) did not alter market expectations about tomorrow’s outcome of the Federal Reserve meeting.

“This was never likely to be a decisive piece of data, and the FOMC members will probably go into this meeting already with a good idea of what they want to do. Recent data will have played a minor role in that conclusion. Our base case remains no hike with a strong hint for October, but a small hike still looks like a strong call to us”, said Rob Carnell, analyst at ING Bank. The September lift-off debate will end on Thursday when the Fed announces its decision; later, …read more

Source:: FX Street