The euro continues strengthening against the USD amid lower possibilities of the interest rate increase in the US in September.
The latest inflation data from the US showed an inflation increase of only 0.2% against the previous year, and that could be one of the reasons of the possible delay in interest rates hike. Another stated reason is the world economy slowdown and falling demand.
Today, the Markit Manufacturing PMI is due in the US, which can affect the movement in the pair.
The pair is moving towards the level of 1.1292 (1/8 Murray), the breakout of which would open the way to 1.1353 (2/8 Murray).
- The nearest support level is 1.1230 (8/8 Murray).
- The nearest resistance level is 1.1292.