FxWirePro: EUR/USD struggles ahead of 1.31 handle, EZ CPI data in focus

 

• USD broadly offered as market drifts on position adjustment ahead of FOMC supporting EUR/USD higher
  
  
• The dollar firmed in Asian trade on Wednesday, buoyed by a rise in U.S. yields after upbeat consumer spending data kept alive hopes of Fed hike
  
  
• EUR/USD opened trading at 1.2630, and moved sharply higher to hit session highs at 1.1298 and is currently trading at 1.1289
  
  
• Immediate resistance is located at 1.1294 (4H Tenkan-Sen) ahead of 1.13, above which gains could be extended to 1.1375 (Sept 14 High)
  
  
• On the flip side, support is seen at 1.1272 (4H Kijun-Sen), ten at 1.1263 (Today's Low) below which it could extend losses to 1.1204 (Sept 1 Low) levels
  
  
• Markets focus on Euro zone final CPI figures ahead of the US inflation numbers for further direction
  
  

Resistance Levels:

R1: 1.1294 (4H Tenkan-Sen) 

R2: 1.13 (Psychological level)

R3: 1.1306 (4h 20MA)

Support Levels:

S1: 1.1272 (4H Kijun-Sen)

S2: 1.1263 (Today's Low) 

S3: 1.1257 (4h 55EMA)