EUR/USD through 1.1800 on US CPI

Pablo Piovano FXStreet

The single currency has quickly reverted the initial pessimism and is now pushing EUR/USD to fresh tops above 1.1800 the figure.

EUR/USD bid after US CPI

The pair met a wave of buying pressure after key US inflation figures gauged by the CPI disappointed expectations in July. In fact, headline consumer prices rose at an annualized 1.7% vs. 1.8% forecasted, while prices stripping energy and food costs rose 1.8% over the last twelve months, matching prior surveys.

Additionally, headline and core CPI rose 0.1% inter-month, both prints missing consensus.

Tracked by the US Dollar Index, the buck retreated and tested fresh lows in sub-93.00 levels in the wake of the release, where it is now looking to hold on.

Later in the session, Dallas Fed R.Kaplan (voter, hawkish) and Minneapolis Fed N.Kashkari (voter, dovish) are due to speak.

EUR/USD levels to watch

At the moment, the pair is up 0.27% at 1.1804 facing the next hurdle at 1.1818 (high Aug.11) seconded by 1.1824 (high Aug.8) and finally 1.1893 (high Aug.4). On the other hand, a breakdown of 1.1719 (low Aug.9) would target 1.1702 (21-day sma) en route to 1.1611 (low Jul.26).

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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