EUR/USD under pressure near 1.1430 on US CPI

The pair stays close to recent lows in the 1.1430 region.
The greenback keeps the trade above the 96.00 handle.
US CPI rose 0.2% MoM and 2.9% on a yearly basis.

Pablo Piovano FXStreet

The selling bias around the shared currency remains well and sound at the end of the week, with EUR/USD meandering the lower bound of the recent range in the 1.1440/35 band.

EUR/USD finds support near 1.1430

The pair remains entrenched into the negative territory on Friday, as the solid sentiment around the buck is not giving up. In fact, and tracked by the US Dollar Index, the greenback managed

Spot keeps the negative bias today after US inflation figures measured by the CPI showed headline prices rose at a monthly 0.2% during June and 2.9% over the last twelve months.

In addition, Core CPI, which gauges prices excluding food and energy costs, rose 0.2% inter-month and 2.4% YoY, surpassing initial estimates.

In the meantime, the pair remains under heavy selling pressure against the backdrop of a firm note in the greenback, persistent US-China trade effervescence and geopolitical jitters following US sanctions against Russia, Iran and Turkish officials.

EUR/USD levels to watch

At the moment, the pair is down 0.65% at 1.1453 facing the next support at 1.1432 (2018 low Aug.10) seconded by 1.1373 (low Jul.13 2017) and then 1.1312 (low Jul.5 2017). On the upside, a breakout of 1.1595 (10-day SMA) would aim for 1.1639 (21-day sma) and finally 1.1745 (high Jul.30).

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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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