EUR/USD testing highs near 1.1860 on mixed US data

  • US Core CPI rose above estimates 1.8%.
  • Retail sales up 0.2% MoM.
  • USD ignores data, DXY testing 93.30.

The demand for the single currency remains solid in the wake of US data on Wednesday, with EUR/USD now advancing further to the 1.1850/60 band, or fresh tops.

EUR/USD pushes higher post-US CPI

The pair et extra buying pressure despite US inflation figures tracked by the CPI showed headline consumer prices rising at an annualized 2.0% and 0.1% inter-month during October, matching initial estimates. Prices stripping food and energy costs surprised to the upside, gaining 1.8% on a yearly basis.

Furthermore from the US docket saw advanced headline retail sales expected to expand beyond expectations at a monthly 0.2% in October, while sales excluding the Autos sector are seen rising 0.1%.

Additionally, the NY Empire State manufacturing index came in on the soft side at 19.4 for the month of November, missing prior surveys at 26.0 and down from October’s 30.2.

Spot remains firm despite data came in on the USD-side and is currently targeting October’s tops in levels just below 1.1900 the figure.

EUR/USD levels to watch

At the moment, the pair is up 0.53% at 1.1859 and a breakout of 1.1882 (high Oct.12) would open the door to 1.2033 (high Sep.20) and then 1.2059 (high Aug.29). On the flip side, the next support emerges at 1.1738 (100-day sma) seconded by 1.1693 (21-day sma) and finally 1.1663 (10-day sma). In addition, FXStreet’s Technical Confluences Indicator (TCI) is noting an important support zone in the 1.1760 area, where sit a pivot point and a monthly Fibo retracement.

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