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EUR/USD rises on weaker dollar, but stays near 17-month lows

The pair trades around 1.1200, up 0.41% for the day, as France fiscal and political concerns weigh on the euro ahead of Wednesday’s US CPI.

Reported · Written up by our desk · Major Pairs

EUR/USD edged higher on Tuesday as a pullback in the US dollar supported the euro, though the pair remained close to 17-month lows, according to FXStreet.

At the time of writing, EUR/USD traded around 1.1200, up 0.41% on the day, while fiscal and political concerns in France weighed on the single currency.

FXStreet noted that technical indicators continue to point to seller control, with the daily chart keeping a bearish near term bias as EUR/USD trades below the 50-day, 100-day, and 200-day simple moving averages.

The report also highlighted that the US Consumer Price Index, due on Wednesday, could determine whether the euro extends its rebound or slips again, with ING adding that markets are already fully priced for a December rate hike and leaving limited room for additional hawkish support.

Latest closeEUR/USD 1.122 ▼0.3%

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