EUR/USD steady after German CPI data

Ani Salama FXStreet

EUR/USD held pretty much unchanged near daily highs following the release of flash German CPI figures.

Data showed, German CPI is seen rising 0.2% in October 2016 and 0.8% on annual basis, according to a preliminary estimate, mainly in line with expectations of 0.1% and 0.8% increases expected respectively. The harmonised index of consumer prices for Germany calculated for European purposes is estimated to be up 0.7% year on year, and 0.2% MoM, versus 0.6% and 0.1% respectively.

However, EUR/USD barely moved after data as investors focus now turn to US GDP figures for the third quarter due at 12:30 GMT. At time of writing, EUR/USD is trading at 1.0921, up % on the day, attempting to regain momentum following two consecutive days of rejections from the 1.0945 area.

EUR/USD technical levels

In terms of technical levels, next resistances are seen at 1.0945 (Oct 26 high), 1.1000/04 (psychological level/Oct 19 high) and 1.1038 (Oct 20 high). On the flip side, supports could be found at 1.0873 (Oct 26 low), 1.0850 (Oct 25 low) and 1.0821 (Oct 3 low).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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