EUR/USD Daily Fundamental Forecast – September 13, 2017

The EURUSD pair has been trading within a range over the last 24 hours as the dollar holds steady across the board. There was not much data from the Eurozone or the US during the day yesterday and this was evident in the way that the different pairs consolidated during the last 24 hours. The Euro did weaken for a brief while on the back of some dollar strength but it has since recovered and continues to trade in a steady manner as of this morning.

EURUSD Consolidates Ahead of Data

The euro did have an uneventful day during trading yesterday and there was a brief period when it did drop to as low as 1.1926 on the back of some serious dollar strength as the US session began. But the euro managed to recover and it would be a source of joy for the euro bulls as it closed the day well above 1.1950 and this bullish close and the continuation of that bullish trend as of this morning should augur well for the euro bulls as of today.

But it was largely slow and steady trading for most of the day with a bearish bias as the dollar held steady and the market seemed to be waiting for further data later in the week which could determine the short term direction for the dollar.

The first part of the various data points is scheduled to be released today as we have the PPI data from the US. This data point will be watched closely, as with all data points from the US in recent times, to see how the US economy is faring and also to see if there are any early signs of recovery in the economy. The data from the US of late has been mixed and choppy and it remains to be seen whether the data this week will give some more clarity. If the data comes in weaker, then we could see the EURUSD pair moving to the highs of the range again.