EUR/USD under pressure near 1.1620 on EMU CPI

The pair stays depressed near the 1.1600 neighbourhood on EMU CPI.
The greenback extends the up move to fresh tops near 95.40.
EMU CPI rose 0.1% MoM and 2.0% YoY. Core CPI missed consensus.

Pablo Piovano FXStreet

The selling bias around the European currency remains well and sound in the middle of the week, with EUR/USD hovering over the 1.1620/15 band, or fresh daily lows.

EUR/USD weaker on USD-buying, data

The renewed and strong buying interest surrounding the greenback is keeping spot under extra downside pressure so far this week, dragging it to new multi-day lows in the 1.1620/15 band.

Collaborating with the pair’s downside, final headline inflation figures in the euro area matched estimates in June, although the Core print came in below the preliminary readings, showing consumer prices came in flat MoM and rose 0.9% YoY (vs. 1.0% forecasted).

In the meantime, the pair is losing ground for the second consecutive session today, while further downside is expected following yesterday’s bearish ‘outside day’ candle.

EUR/USD levels to watch

At the moment, the pair is losing 0.32% at 1.1623 and a breakdown of 1.1608 (low Jul.18) would open the door to 1.1527 (low Jun.29) and finally 1.1508 (2018 low May 30). On the upside, the initial hurdle aligns at 1.1662 (21-day sma) seconded by 1.1695 (10-day sma) and finally 1.1718 (monthly low Dec.12 2017).

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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