- EUR/USD pair lost its traction in the early American session.
- Annual CPI in US edged higher to 5.4% in September.
- US Dollar Index is staging a modest rebound after inflation report.
After rising to a fresh daily high of 1.1567 during the European trading hours, the EUR/USD pair came under renewed bearish pressure and was last seen trading at 1.1544, where it was down 0.15% on a daily basis.
Price pressures in US remain intact
The positive impact of the September US inflation report's on the greenback seems to be weighing on EUR/USD in the early American session.
The US Bureau of Labor Statistics announced on Wednesday that the Consumer Price Index (CPI) rose to 5.4% on a yearly basis from 5.3% in August. This reading came in slightly higher than the market consensus of 5.3%. Moreover, the annual Core CPI stayed unchanged at 4% as expected.
At the moment, the US Dollar Index, which touched a session low of 94.24, is down only 0.1% on the day at 94.42. Later in the session, the FOMC's September Meeting Minutes will be looked upon for fresh impetus.
Meanwhile, US stock index futures stay afloat in the positive territory, suggesting that the CPI is having little to effect on risk sentiment.
Technical levels to watch for
|Today last price||1.1558|
|Today Daily Change||0.0028|
|Today Daily Change %||0.24|
|Today daily open||1.153|
|Previous Daily High||1.157|
|Previous Daily Low||1.1524|
|Previous Weekly High||1.164|
|Previous Weekly Low||1.1529|
|Previous Monthly High||1.1909|
|Previous Monthly Low||1.1563|
|Daily Fibonacci 38.2%||1.1542|
|Daily Fibonacci 61.8%||1.1553|
|Daily Pivot Point S1||1.1513|
|Daily Pivot Point S2||1.1496|
|Daily Pivot Point S3||1.1467|
|Daily Pivot Point R1||1.1559|
|Daily Pivot Point R2||1.1588|
|Daily Pivot Point R3||1.1605|
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