EUR/USD continues trading in the mid 1.0900s after pulling back from a peak at 1.0981 achieved last week.
EUR/USD could see volatility on Thursday with US data and ECB speakers in the line up. US factory gate prices and Retails Sales could tone the debate on when the Fed cuts interest rates. In Europe, speakers from the ECB may shed light on when the ECB considers its own rate cut. With data releases and events affecting both sides of the EUR/USD pair on Thursday, a cursory glance at the proverbial “crystal ball” suggests some volatility is probable.
0898 and the top of the Measured Move’s A wave at 1.0888. A break below 1.0867 would be more critical and add credence to the case for a trend reversal, with bears taking more control. On the other hand, a move above 1.0981 would provide confirmation of a higher high and an extension of the uptrend. After that, tough resistance is expected at the 1.1000 psychological level, which is likely to be the scene of a fierce battle between bulls and bears. A decisive break above 1.
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