EUR/USD wobbles below 1.0600 on USD strength as traders eye Fed minutes EURUSD Majors Currencies SEO
, its economic calendar witnessed the release of mixed S&P Global Manufacturing PMIs for December, which traders mainly ignored. On Tuesday, inflation in Germany for December, as measured by the Consumer Price Index , decelerated to 8.
6% YoY vs. November’s 10% figure and beneath 9% estimates. Concerning the monthly reading, CPI dropped 0.8%. Meanwhile, the Harmonised Index of Consumer Prices , the European Central Bank’s preferred gauge of inflation, edged lower to 9.6% YoY, from 11.3%, compared to analysts’ estimate of 10.7%., which measures the US Dollar value against a basket of six currencies, climbs close to 1%, at 104.522, and is weighing on the EUR/USD’s fall. Contrarily, the US 10-year Treasury bond yield remains down in the day, trimming its earlier losses, slightly down four bps, at 3.792%, stalling the US Dollar rally. Ahead of the week, the US economic calendar will feature the ISM Manufacturing PMI for December alongside the US Federal Reserve last meeting minutes. On the EU side, the docket will feature S&P Global Services and Composite PMIs for December.From a daily chart perspective, the EUR/USD pair shifted to a neutral biased after dropping below the 20-day Exponential Moving Average at 1.0582. However, the intersection of two trendlines, nearby Tuesday’s daily low of 1.0519, capped the Euro’s fall, which recovered to the 1.0550s area. Nevertheless, surpassing the 20-day EMA would be difficult, and with fundamental news lurking on Wednesday’s docket, the EUR/USD might seesaw in the near term. The EUR/USD key resistance levels are 1.0600, followed by the 2020 yearly low of 1.0636 and 1.0700. On the flip side, the EUR/USD first support would be 1.0519, followed by the 1.0500 mark. Break below will expose the 200-day EMA at 1.0428. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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