EUR/USD is back around the 1.1300 neighbourhood after briefly testing the 1.1280 region.
EUR/USD attention to EMU’s CPI
Bumpy session for the pair so far, managing to climb from overnight lows around 1.1260 to as high as the boundaries of 1.1370, although it run out of legs soon afterwards. In the data front, spot largely bypassed quite important data releases in the euro area and the US economy, including a 15-year low from the Initial Claims (265K) and a deeper contraction in the German inflation gauges.
Moving forwards to Friday’s calendar, the main highlight will be the preliminary prints of the CPI in the EMU seconded in relevance by German retail sales. Across the Atlantic, the flash revision of the US GDP during the fourth quarter will take centre stage ahead of the Reuters/Michigan index.
EUR/USD levels to consider
The pair is now advancing 0.19% at 1.1311 with the next resistance at 1.1384 (high Jan.28) followed by 1.1412 (10-d MA) and then 1.1423 (high Jan.27). On the flip side, a breakdown of 1.1260 (50% of 1.1098-1.1423) would target 1.1222 (61.8% of 1.1098-1.1423) en route to 1.1098 (11-year low jan.26).
EUR/USD attention to EMU’s CPI
Bumpy session for the pair so far, managing to climb from overnight lows around 1.1260 to as high as the boundaries of 1.1370, although it run out of legs soon afterwards. In the data front, spot largely bypassed quite important data releases in the euro area and the US economy, including a 15-year low from the Initial Claims (265K) and a deeper contraction in the German inflation gauges.
Moving forwards to Friday’s calendar, the main highlight will be the preliminary prints of the CPI in the EMU seconded in relevance by German retail sales. Across the Atlantic, the flash revision of the US GDP during the fourth quarter will take centre stage ahead of the Reuters/Michigan index.
EUR/USD levels to consider
The pair is now advancing 0.19% at 1.1311 with the next resistance at 1.1384 (high Jan.28) followed by 1.1412 (10-d MA) and then 1.1423 (high Jan.27). On the flip side, a breakdown of 1.1260 (50% of 1.1098-1.1423) would target 1.1222 (61.8% of 1.1098-1.1423) en route to 1.1098 (11-year low jan.26).
