EUR/USD trims losses, re-takes 1.1250 ahead of US data

Having bottomed out at 1.1220 at European open, the EUR/USD pair keeps its recovery mode intact following the release of in-line with expectations Eurozone final CPI numbers.

EUR/USD eyes US data

Currently, EUR/USD trades -0.08% lower at 1.1240, trying hard to regain 1.1250 levels. The main currency pair trims losses, although remains stuck in a 30-pips narrow range, as investors refrain from placing any directional bet ahead of the BOE rate decision and a raft of critical US economic data due later on the day.

While the major extends recovery and shrugs-off unimpressive Eurozone trade and CPI data, which showed that the consumer prices in the Eurozone stayed unchanged at 0.2% in August, meeting expectations.

The immediate focus remains on the BOE decision, while the major may experience significant impact on the release of the US retail sales, PPI, Philly Fed and industrial production data due later in the NA session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1300 (round number). A break beyond the last, doors will open for a test of 1.1343 (Aug 28 high). On the flip side, the immediate support is placed at 1.1200 (round figure) below which 1.1175 (200 & 100-DMA) could be tested.