EUR/USD holding on to 1.1600, US PPI on sight

• The pair alternates gains with losses around the 1.1600 handle.
• The greenback clings to daily gains above 95.00 so far.
• US Producer Prices, Initial Claims next of relevance in the docket.

The European currency is struggling for direction on Thursday, taking EUR/USD to the 1.1600 neighbourhood ahead of the opening bell in Euroland.

EUR/USD looks to trade, data

Spot is attempting to consolidate in the upper end of the weekly range at/above 1.1600 the figure, although the continuation of the buying tone around the greenback is limiting the upside potential so far.

The lack of relevant publications/events in the region prompts investors to keep looking to the US-China trade spat as the exclusive driver of the mood in the global markets. In addition to the trade front, geopolitics could bring in some volatility after the US impose further sanctions against Russia on Wednesday.

Data wise across the pond, July’s Producer Prices are due along with the usual weekly report on the US labour market.

EUR/USD levels to watch

At the moment, the pair is down 0.02% at 1.1608 and a breakout of 1.1653 (10-day SMA) would aim for 1.1665 (55-day SMA) and finally 1.1745 (high Jul.30). On the other hand, immediate support emerges at 1.1527 (low Jun.28) seconded by 1.1508 (2018 low May 29) and then 1.1479 (low Jul.20 2017).