HelenRush

EUR: The Calm Before The Storm

FX_IDC:USDEUR   U.S. Dollar / Euro
The euro had little time to get over the recent slumps provoked by dovish ECB and strong US data. On Friday, EUR/USD slid far below the 1.16 mark, but euro-bulls are trying hard to regain some ground.
The Catalan crisis is still a euro-negative factor but, as a rule, the impact of such events is usually short term. Today’s US data was quite solid and reflected that US consumer spending surged to the maximum level in 8 years in September. The pair almost ignored the data, though. But, the weak German CPI weighed on the euro , and EUR/USD once again tested the very important 1.16 mark.
Most of all, it seems we will have to live four more days of speculations around the next Fed Chair. US president Trump may wait till Thursday to disclose the name of the new Fed's Governor.
The solid break out of the 1.16 mark will clear the path to the next target at 1.1550. In order to come back to the familiar range and offset the consequences of the recent fall, the pair has to try hard and close above the 1.17 level.
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