EUR/USD retreats below 1.1550 after US inflation data


  • 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.

FOMC Minutes Preview: Fed to reiterate taper message, sending the dollar up, stocks down.

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

EUR/USD

Overview
Today last price 1.1558
Today Daily Change 0.0028
Today Daily Change % 0.24
Today daily open 1.153
 
Trends
Daily SMA20 1.1652
Daily SMA50 1.1732
Daily SMA100 1.1842
Daily SMA200 1.1942
 
Levels
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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