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EUR/USD keeps the range after CPI

FXStreet (Edinburgh) - The shared currency remains in a narrow range on Wednesday, taking EUR/USD to the 1.2950/60 band so far.

EUR/USD muted post-CPI data

Spot kept the composure after consumer prices in the euro region rose 0.1% inter-month in August and 0.4% over the last twelve months, slight above the 0.3% forecasted; Core prices expanded at an annual pace of 0.9%, matching estimates. Next of note will be the inflation figures in the US economy gauged by the CPI ahead of the NAHB index and the critical FOMC meeting followed by Chairwoman Yellen’s presser. “Improving upward momentum could lead to another attempt towards the overnight high near 1.2990. Only a break below the strong short-term support at 1.2910 would indicate that a move towards 1.2850 has started. Otherwise, the risk for today is on the upside”, signalled Quek Ser Leang, Market Strategist at UOB Group.

EUR/USD levels to watch

As of writing the pair is down 0.02% at 1.2956 with the immediate support at 1.2934 (200h-MA) ahead of 1.2922 (low Sep.16) and finally 1.2908 (low Sep.15). On the upside, a break above 1.2995 (high Sep.16) would open the door to 1.3000 (psychological level) and then 1.3160 (high Sep.3).

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