A bunch of European data will be published later this morning with the EU August CPI
expected at +0.2% on year and July jobless
rate expected at 8.0%. The German Federal Statistical Office will report August jobless rate, expected at 6.4%. Also, Research firm Markit will publish final readings of August Manufacturing PMI
for the eurozone (51.7 expected), Germany (53.0 expected), France (49.0 expected) and the U.K. (55.3 expected) and the U.S. (53.6 expected).
From a technical point of view, on a daily chart, EUR/USD remains on the upside and is supported by its rising 50-period moving average (in blue). Readers may therefore consider the potential for further rise above horizontal support at 1.1700. The nearest threshold would be set at strong horizontal resistance and overlap at 1.2150 and a second one would be set at horizontal resistance at 1.2300 in extension.
Source: TradingView, GAIN Capital