EUR/USD: US CPI may not be enough to trigger a sustained break of the 1.1040 area – ING

Economists at ING analyze EUR/USD outlook ahead of the release of the US July CPI.

Short-term range clearly defined between 1.0925 and 1.1040

EUR/USD today will largely be determined by the US July CPI release. 

The short-term range is now clearly defined between 1.0925 (the 100-Day Moving Average) and the recent high at 1.1040. 

Our thesis is that today's consensus CPI number may not be enough to trigger a sustained break of the 1.1040 area.

See – US CPI Preview: Forecasts from 10 major banks, monthly pace should hold at 0.2%