EUR/USD up smalls above 1.16, German CPI eyed

• Spot found support near 1.1570, Friday’s low.
• Situation in Catalonia having little impact so far.
• German flash CPI, US PCE on sight later today

The single currency is trading within narrow range at the beginning of the week, with EUR/USD managing to regain the 1.1600 handle and above ahead of the opening bell in Euroland.

EUR/USD focus on data

After two consecutive pullbacks, the pair seems to recover the smile on Monday around 1.1600 the figure amidst some selling bias surrounding the greenback.

Dip-buyers appear to have emerged around the 1.1575/70 band, halting the post-ECB bleeding in spot and allowing the ongoing rebound.

On the USD-side, the increasing optimism around the Trump’s tax reform faded somewhat against the backdrop of internal disputes among Republicans.

On the positioning front, speculative EUR longs retreated to 5-week lows in the week to October 24, according to the latest CFTC report.

Later in the data space, Spanish and German advanced CPI figures are due for the current month along with sentiment/confidence gauges in the euro area. Across the pond, PCE and personal income/spending will grab all the attention.

EUR/USD levels to watch

At the moment, the pair is up 0.06% at 1.1615 facing the next up barrier at 1.1683 (100-day sma) seconded by 1.1739 (10-day sma) and then 1.1837 (high Oct.26). ON the flip side, a breakdown of 1.1575 (low Oct.27) would open the door to 1.1448 (high Jun.30) and finally 1.1249 (200-day sma).