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EUR/USD oscillates within weekly range

FXStreet (Córdoba) - EUR/USD is moving erratically but within its weekly range after the latest string of US data and ahead of key events next week.

The Reuters/Michigan consumer sentiment index rose to 84.6 in September, beating the 83.2 expected and following a 82.5 print the previous month. Meanwhile, US July business inventories rose 0.4% as expected. EUR/USD dropped to a low of 1.2908 as the greenback strengthened on the back of solid data, but quickly bounced to the 1.2950 zone.

At time of writing, EUR/USD is trading at 1.2940, recording a 0.1% gain on the day, but on track to close the week with a loss of 0.17%, the ninth weekly drop in a row.

Investors are hesitating on which direction to take ahead of key events next week. The FOMC will decide on monetary policy on Wednesday while the Scottish referendum will end uncertainty on independence next Thursday.

EUR/USD technical levels

As for technical levels, EUR/USD could find next resistances at 1.2962 (Sept 10 high) and 1.2990 (10-day SMA). On the other hand, supports are seen at 1.2883 (Sept 10 low), 1.2859 (Sept 9 low) and 1.2810 (Jul 8 2013 low).

United States Business Inventories in line with forecasts (0.4%) in July

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