The pair EUR/USD waits for Eurozone Consumer Price Index data
Yesterday the pair EUR/USD tried to strengthen on the soft Janet Yellen comments and positive data on consumer price index in Germany. The pair could reach a high of 1.1365.
However, ADP published positive data. Indicator went below the previous one, but exceeded the forecast: 200K vs. 199K forecast. As we know, the ADP is a harbinger of NFP. If ADP shows a good value, we can expect positive nonfarm payrolls data on Friday.
Today, Germany will present data on unemployment change and the unemployment rate, which is expected unchanged. Later we will get data on Eurozone Consumer Price Index, which is expected to improve from -0.2% to -0.1%.
The US traditionally is to publish data on jobless claims.
The pair is trading in the range of 1.1287 - 1.1355. If today we get positive Eurozene data, the pair EUR/USD will try to climb to the top of the range.
How to trade
We would buy CALL options if the pair EUR/USD rises above the level of 1.1338.
Target price: 1.1338
Close price: 1.1378
Expiry time: 20:00 GMT