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EUR/USD stays above 1.12 after US data

FXStreet (Mumbai) - The bear grip on the EUR/USD weakened somewhat, ensuring the pair recovered to trade above 1.12 handle after the data in the US showed the US goods trade deficit rose sharply in August.

Hovers above hourly 100-MA

The pair is hovering just above its hourly 100-MA located at 1.1201 levels after having recovered from the low of 1.1194. The US goods trade deficit unexpectedly spiked to USD 67.19 billion in August, compared to USD 59.10 billion seen in July.

However, the recovery is weak since the German CPI released earlier today dropped more than expected, thereby ramping up the expectation of more monetary easing from the ECB. The focus now shifts to the sentiment on the Wall Street and the US consumer confidence figure due later today.

EUR/USD Technical Levels

At 1.1206, the immediate resistance is located at 1.1230 (hourly 200-DMA), followed by a major hurdle at 1.13 levels. On the other hand, support is seen at 1.1182 (200-DMA) and 1.1145 (100-DMA).

USD: Momentum lost amid lacklustre data – Swissquote

Arnaud Masset, Market Analyst at Swissquote, notes that the US currency is loosing momentum against majors after the first batch of economic data from the US was roughly in line with market expectations but traders will therefore have to wait for Friday’s NFPs to have a little more clarity on the timing of the first rate hike by the Federal Reserve.
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