EUR/USD (current price: 1.1244)
The most traded currency pair continued to consolidate in a narrow range with a slightly bullish day, as Eurozone Industrial Production fell by -1.1% in the in August, as the economy continues to struggle. The common currency might remain under pressure if today key U.S. releases come in better than expected, as traders will be paying close attention to the Retail Sales number and the Philly Fed Index as well, before next week’s FOMC meeting.
Our assessment: EUR/USD is has been up by the 200-day MA in recent weeks and a FED rate hike would possibly cause at least another re-test of the key indicator, as the long-term picture remains neutral.
