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EUR/USD back to test 1.09 on German CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - EUR/USD is now putting the 1.0900 support to the test after the release of the preliminary inflation figures in Germany for the current month.

    EUR/USD surrenders gains post-data, US docket on sight

    Spot is now hovering over the 1.0900 handle, down from session peaks near the 1.0930 area after advanced German CPI showed consumer prices are expected to have risen at an annual pace of 0.5% during January; the broader HICP measure expects prices to rise 0.4% YoY.

    Next of relevance for the pair will be US Initial Claims, Durable Goods Orders and Pending Home Sales.

    EUR/USD levels to watch

    The pair is now up 0.11% at 1.0904 and a breach of 1.0777 (post-ECB low Jan.21) would expose 1.0737 (38.2% Fibo of 1.0538-1.1059) and then 1.0709 (low Jan.5). On the upside, the initial barrier aligns at 1.0977 (100-day sma) followed by 1.1055 (200-day sma) en route to 1.1065 (5-month downtrend).
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