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EUR/USD around 1.3350, US docket eyed

FXStreet (Edinburgh) - The shared currency is trading on the back footing on Tuesday, taking the EUR/USD to the area of 1.3350.

EUR/USD focus on US CPI

Spot continues to trade in the broader 1.3330-1.3450 range, looking for any catalysts to break the pattern either way. Ahead in the day, US consumer prices are due with consensus expecting headline CPI to have increased 2.0% in a year to July, a tad lower than June’s 2.1%; further data will also bring Housing Starts (0.970M exp.) and Building Permits (1.0M exp.). “Our optimal scenario is for price to continue respecting a bearish consolidation (triangle) on the daily chart, which will point to a resumption of the underlying trend lower on a break under 1.3340. Gains through the low 1.34s will raise the risk of a squeeze higher through the upper 1.34/low 1.35 zone, however”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

EUR/USD significant levels

The pair is now losing 0.11% at 1.3347 and a breakdown of 1.3336 (low Aug.12) would target 1.3333 (2014 low Aug.6) en route to 1.3318 (low Nov.8 2013). On the upside, the immediate hurdle aligns at 1.3399 (high Aug.18) followed by 1.3415 (200-w MA) and finally 1.3416 (high Aug.13).

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