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EUR/USD consolidates modest gains

FXStreet (Córdoba) - EUR/USD approached daily highs but after reaching 1.1266 lost strength and pulled back. From 1.1230 rose back to 1.1255/60 where currently trades, 15 pips above yesterday’s closing price.

The forex market remains quiet ahead of busy days in terms of data. EUR/USD so far moved in a range of less than a hundred pips. It peaked at 1.1281 during the Asian session and bottomed on European hours at 1.1194.

The euro is about to post the fourth daily gain out of the last five trading days as it continues to rise from level slightly above 1.1100. Price is back above the daily 20-SMA and holds a minor bullish tone.

Data ahead

Tomorrow in Germany retail sales and unemployment rate data will be released and from the Eurozone the preliminary CPI reading for September. On Tuesday, the German CPI dropped more than expected.

In the US the key data tomorrow will be the ADP employment report for September, that is expected to show a rise of 195.000 in private payrolls. On Friday the official NFP report will be released.

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