EUR/USD flirts with 1.1100 post-EMU data

Pablo Piovano FXStreet

The common currency keeps the firm footing at the end of the week, with EUR/USD toying with the 1.1100 region following EMU’s releases.

EUR/USD clinches highs on data

The pair has advanced further after preliminary consumer prices in the euro area are expected to rise 0.2% on a year to July, a tad higher than initial estimates. Core prices are seen gaining 0.9% over the last twelve months.

Further data saw advanced Q2 GDP figures matching consensus, expecting the economy to have expanded 0.3% QoQ and 1.6% on an annualized basis. The unemployment rate stayed put at 10.1% during last month, in line with forecasts.

Spot remains well on track to close its first week after three consecutive pullbacks and looking to consolidate the breakout of the 1.1100 barrier.

EUR/USD levels to watch

The pair is now gaining 0.30% at 1.1110 facing the initial hurdle at 1.1166 (high Jul.14) followed by 1.1184 (high Jul.5) and then 1.1260 (base of the 7-month rising channel). On the flip side, a breakdown of 1.0950 (low Jul.25) would target 1.0913 (post-Brexit low Jun.24) en route to 1.0820 (low Mar.10).

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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