EUR/USD tumbles to lows near 1.1360 post-EMU CPI

The pair comes under extra selling pressure near 1.1370.
EMU’s flash CPI came in below expectations in November.
Attention remains on the G20, Trump-Xi meeting.

Pablo Piovano FXStreet

Further selling pressure is now hitting the shared currency and forcing EUR/USD to drop and test daily lows in the 1.1370/band.

EUR/USD offered on poor data

The pair is navigating session lows around 1.1370 after preliminary inflation figures in Euroland showed headlines consumer prices are expected to rise at an annualized 2.0%, while prices stripping food and energy costs are expected to gain 1.0% YoY during the current month, both prints missing initial estimates.

EUR came under extra downside pressure in the wake of the data releases, while attention remains on Italian politics after early rumours said the government could be assessing the possibility of reducing the 2019 budget deficit to 2.0% (from 2.4%).

Earlier in the session, German Retail Sales surprised to the downside during October while flash Italian CPI is expected to drop 0.1% inter-month in November and to advance 1.7% on a yearly basis.

EUR/USD levels to watch

At the moment, the pair is losing 0.25% at 1.1365 facing the next support at 1.1267 (low Nov.28) followed by 1.1214 (2018 low Nov.12) and finally 1.1188 (61.8% Fibo of the 2017-2018 rally). On the flip side, a breakout of 1.1401 (high Nov.29) would target 1.1434 (high Nov.22) en route to 1.1473 (high Nov.20).

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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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