Euro steady against the dollar after weak data on consumer price inflation and unemployment from the Euro zone, while investors expect the upcoming economic reports USA.
"The preliminary data showed that consumer price inflation in the euro area rose year on year to 0.3% this month after 0.4% in July, in line with expectations," - says the experts of the Forex market. Core consumer price inflation excluding food, energy, alcohol and tobacco rose at an annual rate to 0.9% in August from 0.8% in July. Analysts had expected core CPI to remain unchanged this month.
A separate report showed that the unemployment rate in the euro area remained at 11.5% in the last month, in line with expectations. Also today, official data showed that retail sales in Germany fell in July by 1.4%, while expected to increase by 0.1% after a 1.0% rise in June, whose figure was revised up from 1.3%. Data fueled concerns about the health of the first-largest economy in the eurozone. Meanwhile, demand for the dollar was supported after a series of optimistic reports published yesterday, confirmed the view that the economic recovery the United States continues.
The whole week, the euro hovered at a mark of 1.3170
"Evrodolar is trading around 1.3170" - said the analysts of the Forex Broker Company PROFIT Group. 1.3250 mark is on August 29, as the first resistance. Further quotes couples can gain a foothold in the area 1.3300. Then it is likely to increase the level of 1.3360. The first level of support at 1.3170 will make a mark. If quotations could be overcome this level, the second support will be the level 1.3100.
Moving Averages on a daily, four-hour and hourly charts are reduced. RSI on the daily and four-hour chart indicates convergence - an alarm for a couple of sellers, and on the hourly chart indicator is slightly oversold.
According to analysts of PROFIT Group (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/), Euro/Dollar throughout this week, marking time in the area of 1.3170, or slightly above this value. All traders of the world are now awaiting the publication of today's data from the Euro zone, as well as Labor Day, which is celebrated in the United States one of the following month.
