EUR/USD fades the spike above 1.1900, US CPI eyed

The now better tone around the greenback has forced EUR/USD to recede from daily highs beyond 1.1900 the figure and return to the current 1.1890/85 band.

EUR/USD now looks to US data

Although the pair keeps alternating gains with losses today, it seems to have found decent support around the 1.1870 region for the time being.

The buying interest around the greenback has picked up yesterday following news that the Trump’s administration could be closer to unveil some extra details on the so long-waited tax reform plans.

Against the backdrop of a muted docket in Euroland, ECB’s board member B.Jazbec said earlier in the session that ‘tapering’ has been postponed albeit it is inevitable. EUR, however, remained apathetic on those comments.

Looking ahead, US inflation figures tracked by the CPI for the month of August are next on tap seconded by the usual weekly report on the labour market.

EUR/USD levels to watch

At the moment, the pair is up 0.08% at 1.1894 facing the next up barrier at 1.1932 (10-day sma) followed by 1.2041 (high Sep.11) and finally 1.2092 (2017 high Sep.6). On the flip side, a break below 1.1823 (low Aug.31) would target 1.1816 (5-month support line) en route to 1.1723 (55-day sma).