EUR/USD Keeps Highs on German CPI

EUR/USD Keeps Highs on German CPI

30 May 2016, 14:37
Roberto Jacobs

EUR/USD Keeps Highs on German CPI

The upside momentum in the shared currency remains well and sound today, with EUR/USD now gyrating around 1.1140.

EUR/USD surrenders gains post-CPI

Spot barely paid attention to German releases today, where preliminary consumer prices have matched expectations for the month of May. In fact, the CPI rose at an annual pace of 0.1%, while the broader HICP gauge showed prices have come in flat over the last twelve months.

The pair managed to grab some buying interest following a brief test of the 1.1100 area earlier in the session, propped by Bunds yields and a retracement in the greenback.

EUR/USD levels to watch

The pair is now advancing 0.22% at 1.1139 and a break above 1.1176 (100-day sma) would aim for 1.1246 (high May 23) and then 1.1275 (20-day sma). On the other hand, the immediate support lines up at 1.1097 (200-day sma) followed by 1.1055 (low Mar.16) and finally 1.0820 (low Mar.10).


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