EUR/USD Current Price: 1.1739

  • The US annual Consumer Price Index was confirmed at 5.4%, above expected.
  • Stocks rally, and US Treasury yields retreat, signaling market’s optimism.
  • EUR/USD peaked at 1.1749, could keep advancing on a break above it.

The EUR/USD pair has spent the first half of the day depressed, bottoming at 1.1705 and bouncing modestly ahead of US inflation figures. Ahead of the release, stocks were extending their Tuesday’s advances while US Treasury yields soared, with the yield on the 10-year note peaking at 1.387%.

The US annual Consumer Price Index was confirmed at 5.4%, as previously estimated and above the 5.3% expected, while the core reading met expectations with 4.3%. Government bond yields retreated while US stocks soared and the greenback eased.

Earlier in the day, Germany confirmed July CPI at 3.8% YoY as previously estimated. Coming up next, Federal Reserve speakers Bostic and George may introduce some noise in financial markets.

EUR/USD short-term technical outlook

The EUR/USD pair hit 1.1749 with the news, bouncing from near March low at 1.1703. The 4-hour chart shows that the pair is trading just below a firmly bearish 20 SMA, while technical indicators head north almost vertically, although they are still developing within negative levels. The dollar will likely continue losing ground once above 1.1750, the immediate resistance level.

Support levels: 1.1705 1.1660 1.1620

Resistance levels: 1.1750 1.1790 1.1830

View Live Chart for the EUR/USD

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