EUR/USD still trading above the flat 200-day MA on the Daily Chart

eu-l10EUR/USD (current price: 1.1205)

The U.S. Flash Service PMI printed at 51.9, higher than the consensus estimate of 51.1, while the most awaited indicator, the CB Consumer Sentiment Index, was much higher than the forecast and the previous reading at 104.1.  The Case-Shiller HPI was in line with expectations at an annualized growth rate of 5.0%. The pair finished the day slightly lower, but still inside the narrow short-term trading range, still signaling indecision among investors regarding the ECB’s and the Federal Reserve’s future policies.

Our assessment: The most traded cross still lacks a clear direction, as the long-term picture remains neutral, and volatility has been declining in recent days, with the pair hovering around the 1.12 level.

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