EUR/USD tests tops near 1.1600 post-US CPI

The pair moved higher to fresh lows around 1.1600 the figure.
The greenback tumbles further and challenges the 95.10 area.
US CPI rose less than expected during September.

Pablo Piovano FXStreet

Poor results from the US docket have given extra boost to EUR/USD, which managed to clinch fresh tops just below 1.1600 the figure today.

EUR/USD bid after ECB, data

Spot keeps the rally well and sound so far on Wednesday, advancing to the boundaries of 1.1600 the figure after US CPI results failed to meet consensus during last month.

In fact, headline consumer prices rose at a monthly 0.1% and 2.3% over the last twelve months, coming in below prior surveys. In the same line, prices stripping food and energy costs gained 0.1% inter-month and 2.2% on an annualized basis.

The demand for the single currency remains quite solid in the wake of the US data, while the recent publication of the ECB minutes showed the central bank remains in ‘auto-pilot’ for the time being, eyeing the first rate hike at some point in September/October 2019.

EUR/USD levels to watch

At the moment, the pair is gaining 0.62% at 1.1595 and a break above 1.1599 (high Oct.11) would target 1.1625 (21-day SMA) en route to 1.1629 (100-day SMA). On the flip side, immediate contention emerges at 1.1432 (low Oct.9) seconded by 1.1326 (200-week SMA) and finally 1.1299 (2018 low Aug.15).

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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