EUR/USD looks for direction above 1.1600 ahead of ECB, US CPI

• The pair extends the rangebound theme above the 1.1600 milestone.
• The greenback trades in the lower end of the weekly range below 95.00.
• Investors expect no surprises at today’s ECB meeting.

EUR/USD is navigating the upper end of the multi-day consolidative theme prevailing since the start of September ahead of the ECB event and key US data releases.

EUR/USD looks to ECB, US CPI

Spot is looking to advance for the fourth consecutive session so far today, prolonging the rebound after bottoming out in the 1.1530 region at the beginning of the week.

The lack of traction in the greenback and the absence of relevant events other than the omnipresent US-China trade effervescence appears to be lending support to the pair above 1.1600 the figure. However, the ongoing up move could be put to the test later today when faces the ECB event and the publication of inflation figures in the US.

In the data space, German and Italian final CPI figures for the month of August are due later in the European morning ahead of the ECB gathering. Across the pond, inflation figures tracked by the CPI will be the salient event seconded by the usual weekly report on the labour market.

EUR/USD levels to watch

At the moment, the pair is losing 0.02% at 1.1624 and a break below 1.1508 (low May 29) would target 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15). On the upside, the next hurdle aligns at 1.1659 (high Sep.6) seconded by 1.1734 (high Aug.28) and finally 1.1745 (high Jul.31).