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EUR/USD comes down to test 1.1360

FXStreet (Edinburgh) - After being rejected in the 1.1400 neighbourhood, EUR/USD has deflated to the 1.1360 area, where buyers seem now to have clustered.

EUR/USD focus on German ZEW, CPI

The absence of significant releases in the euro area today plus the inactivity in US markets keeps dictating the rules in the global markets on Monday, with spot coming down after briefly testing the critical 1.1400 barrier, or multi-week peaks.

Next of relevance in the pair will be the German ZEW Survey and the final readings of September’s inflation figures, all due tomorrow. Market participants will also remain vigilant on speeches by Evans and Lockhart today, and Bullard tomorrow.

EUR/USD levels to watch

As of writing the pair is advancing 0.12% at 1.1372 and a breakout of 1.1460 (monthly high Sep.18) would target 1.1541 (downtrend from mid-December) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1239 (55-d sma) followed by 1.1175 (2-month up trend) and then 1.1107 (monthly low Sep.23).

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