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EUR/USD set for a big week of key events

FXStreet (Guatemala) - EUR/USD is currently trading at 1.1190 with a high of 1.1198 and a low of 1.1181.

EUR/USD is steady after making a minor recovery from the second attempt at the downside from above the 200 SMA at the hourly chart in the vicinity of 1.1280/90 when it reached lows of 1.1116 before a poor session on Wall Street saw a sell-off in the greenback at the end of last week.

EUR/USD's key events

We may be a slow start in Asia, but this week is a key one with plenty of data on the horizon. The showdown will be in the Nonfarm Payrolls at the end of the week, but we start with the Fed's preferred inflation measure that is the core PCE that is expected to read +0.1% M/M and +1.3% Y/Y vs the previous +0.1% and 1.2% respectively. We then move on to the Germany&Euro Area Sep CPI's. Analysts at TD Securities explained that they look for small upside surprises to the German and Eurozone CPI releases. "For both, we expect readings of 0.1% y/y versus consensus of 0.0%, and a similar risk for core Eurozone CPI, which we expect to come in at 1.0% y/y vs consensus of 0.9% y/y."

EUR/USD levels

Technically, Valeria Bednarik, chief analyst at FXStreet explained that the 4 hours chart shows that the price has managed to advance a few pips above its 20 SMA, whilst the technical indicators are bouncing from their mid-lines, with no actual momentum. "The base of the range has been set at 1.1080, which means additional declines below it, are required to confirm a bearish continuation, while bulls may get encouraged only with an upward acceleration beyond 1.1335."

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