The Euro remains unchanged as mixed U.S data did not allow traders to agree on a short-term direction for the pair. Building Permits for August printed less than expected at 1.229M while Housing Starts printed higher than expected at 1.282M. Moreover, the pair did not move significantly as it awaits Trump’s confirmation on the newly proposed tariffs on China. For today, the focus will remain on any development related to the trade spat between the U.S and China as well as economic data releases from the U.S.
From a technical standpoint, the outlook for the pair remains bullish given that prices remain to trade above 1.16633. Moreover, the pair continues to trade above three key moving averages which indicates upward momentum. Given that prices remain above 1.16633, the pair still has a chance to rise towards the next resistance level at 1.17500.
Support: 1.16161 1.15405
Resistance: 1.16633 1.17500