EUR/USD putting 1.2100 to the test, German CPI eyed
|- The pair’s decline met contention in the vicinity of the 1.2100 mark.
- The greenback is extending the bid tone, with DXY near tops around 91.70.
- German preliminary CPI readings next of relevance in the area.
The selling pressure seems to have resumed around the European currency at the beginning of the week and is now dragging EUR/USD to trade in the area of daily lows in the 1.2100 neighbourhood.
EUR/USD attention to German, US data
After a brief test of session highs near 1.2140 during early trade, the pair met some sellers and is now challenging the key support at the 1.2100 region, which could derive in a potential test of Friday’s lows in the mid-1.2000s if breached.
Spot returned to the negative territory in response to the continuation of the upside bias around the buck, which is lifting the US Dollar Index to fresh peaks in the 91.70 region despite yields of the key US 10-year yield remain in a consolidative mode around 2.96%.
Later in the day, German advanced inflation figures for the month of April area due, while PCE, Personal Income/Spending, Chicago PMI and Pending Home Sales are all due later in the US docket.
EUR/USD levels to watch
At the moment, the pair is losing 0.22% at 1.2104 and a breakdown of 1.2050 (low Apr.27) would target 1.2013 (200-day sma) and then 1.1916 (2018 low Jan.19). On the other hand, the next resistance emerges at 1.2210 (high Apr.26) seconded by 1.2235 (10-day sma) en route to 1.2276 (21-day sma).
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.