EUR/USD eyes 1.1650 on US CPI, Draghi eyed

The pair trades in fresh tops closer to 1.1650.
The greenback remains stuck below the 95.00 handle.
US CPI came in lower than expected in August.

Pablo Piovano FXStreet

EUR/USD moved higher and recorded fresh daily lows in the boundaries of 1.1650 after US inflation figures came in below expectations today.

EUR/USD pops higher on US data, looks to ECB

The pair remains on the positive fashion so far today, although the bullish attempt to the 1.1650 area had no follow through so far.

In fact, spot climbed to the mid-1.1600s after US inflation figures gauged by the CPI failed to meet expectations during last month, showing headline consumer prices rose at a monthly 0.2% and 2.7% over the last twelve months.

In addition, prices stripping food and energy costs rose below estimates 0.1% inter-month and 2.2% YoY.

Looking ahead, spot should remain under the microscope in light of the press conference by President Mario Draghi.

EUR/USD levels to watch

At the moment, the pair is up 0.23% at 1.1653 facing the next barrier at 1.1659 (high Sep.6) seconded by 1.1734 (high Aug.28) and finally 1.1745 (high Jul.31). On the downside, a break below 1.1508 (low May 29) would target 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15).

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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