EUR/USD in fresh tops around 1.1860 on US CPI

Pablo Piovano FXStreet

The buying pressure is now picking up pace around the shared currency, lifting EUR/USD to the area of daily highs around 1.1860 in the wake of US CPI figures.

EUR/USD bid on data

Buyers quickly re-emerged around the pair after US inflation figures tracked by the CPI showed headline consumer prices rising at an annualized 2.2% (vs. 2.3% forecasted) and 0.5% on a monthly basis (vs. 0.6% estimated).

Further data saw prices stripping energy and food costs up 1.7% in a year to September and 0.1% inter-month.

Still in the US docket, headline retail sales expanded 1.6% MoM in September (vs. 1.7% expected) and 0.5% (vs. 0.3% from consensus) excluding the Autos sector.

Ahead in the session, advanced US consumer sentiment is expected to decline a tad to 95.0 in October.

EUR/USD levels to watch

At the moment, the pair is up 0.25% at 1.1860 and a break below 1.1777 (10-day sma) would target 1.1686 (low Oct.6) en route to 1.1662 (low Aug.17). On the other hand, the initial resistance is located at 1.1911 (high Aug.2) followed by 1.2033 (high Sep.20) and finally 1.2094 (2017 high Sep.8).

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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