EUR/USD battles to extend the rally beyond 1.18
|
Equities continue to rally, providing support to the shared currency as the EUR/USD pair is nearing the 1.18 level but a bullish continuation is not yet confirmed. On the data front, US inflation ticked higher in July, further boosting the positive ruling mood, FXStreet’s Chief Analyst Valeria Bednarik reports.
Key quotes
“The US has just published July inflation data. The monthly consumer price index was up 0.6% in the month, matching the previous month reading and beating expectations of 0.3%. Yearly basis, the CPI was up 1%, while the core yearly reading printed at 1.6%, both beating expectations.”
“The 4-hour chart shows that EUR/USD is currently advancing above a bearish 20 SMA, after finding buyers around a bullish 100 SMA. Technical indicators, in the meantime, head north but remain stuck to neutral levels.”
“The EUR/USD pair would need to advance beyond 1.1830 to confirm an upcoming bullish extension towards this year high at 1.1915.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.