EUR/USD around 1.1630 on EMU’s CPI

Inflation in the euro area surprised to the downside.
EMU’s GDP expected to expand 2.5% YoY.
Spot stays in red near 1.1630.

Pablo Piovano FXStreet

The bearish note around the European currency remains unchanged on Tuesday and is now taking EUR/USD to the 1.1630 region in the wake of key releases in the euro area.

EUR/USD stays offered post-data

The pair remains unable to gather some traction today despite EMU’s advanced GDP figures showed the economy in the region is expected to expand at an annualized 2.5% during the July-September period and 0.6% inter-quarter, both prints surpassing prior surveys.

Still on the bright side, unemployment in the euro bloc ticked lower to 8.9% in September, bettering initial estimates.

However, critical inflation figures in the region tracked by the CPI showed headline consumer prices are seen rising at 1.4% on a year to October, while prices stripping food and energy costs are expected to rise 1.1% YoY, both prints coming in below expectations.

The pair, in the meantime, remains on the defensive for the day and keeps retracing Monday’s advance to the vicinity of 1.1660.

EUR/USD levels to watch

At the moment, the pair is losing 0.16% at 1.1631 and a breakdown of 1.1575 (low Oct.27) would open the door to 1.1448 (high Jun.30) and finally 1.1254 (200-day sma). On the other hand, the next up barrier lines up at 1.1658 (high Oct.30) seconded by 1.1683 (100-day sma) and then 1.1729 (10-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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