EUR/USD challenges 1.1400 on US CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The selling interest is now growing bigger around the single currency, dragging EUR/USD to print fresh daily lows in the vicinity of 1.1400 the figure.

    EUR/USD weaker post-US CPI

    The pair has seen its intraday decline accelerated after US inflation figures tracked by the CPI has surprised markets to the upside for the month of September. In fact, Core consumer prices - excluding food and energy costs - rose at a monthly pace of 0.2% and 1.9% over the last twelve months vs. forecasts for 0.1% and 1.8%, respectively. Headline prices came in flat vs. an estimated contraction of 0.1% Mom.

    Further data showed Initial Claims at 255K in the week ended on October 9th, bettering previous estimates at 270K and down from 262K. Ahead in the day, the Philly Fed Manufacturing Survey is due followed by speeches by Bullard, Dudley and Mester.

    EUR/USD relevant levels

    As of writing the pair is retreating 0.56% at 1.1409 with the immediate support at at 1.1315 (Fibo 23.6% of 1.3993-1.04561) ahead of 1.1300 (psychological level) and finally 1.1212 (55-day sma). On the other hand, a break above 1.1500 (psychological handle) would target 1.1714 (high post-PBoC move Aug.24) en route to 1.1847 (Fibo 38.2% of 1.3993-1.0456).
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