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EUR / USD remains in range after ECB decision and German data

  • ECB remains unchanged in line with expectations.
  • Germany: annual inflation reaches 4.5%.
  • Ahead: US GDP growth data and Lagarde conference.
  • EUR / USD maintains the range around 1.1600.

The EUR / USD rose to 1.1617, marking a high for the day following the decision of the European Central Bank (ECB), but then fell back below 1.1600, continuing within the multi-day range between 1.1585 and 1.1625. Traders are now focusing on Lagarde’s words and US data.

The ECB’s decision to keep interest rates and the purchase program unchanged did not generate surprises and did not have an impact on the euro. Then the inflation data for Germany: the consumer price index rose to 4.5%, beating the expected 4.4%.

ECB President Christine Lagarde will open a press conference at 12:30 GMT. Your words can generate volatility in the market. At the same time, the first estimate of GDP growth for the third quarter of the US will be released, in addition to the weekly report of requests for unemployment benefits.

The Combination of US and Lagarde data can create volatility in the market. This could favor the break of the small range that is holding the EUR / USD from Monday afternoon. Key support is seen at 1.1580 / 85, while to the upside, the resistance band can be established at the 1.1620 / 30 band.

Technical levels

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