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EUR/USD challenging 1.0900 on CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The common currency is accelerating its downside today, with EUR/USD briefly testing the 1.0900 key support.

    EUR/USD lower on CPI

    The pair meets increasing selling interest after advanced headline consumer prices in the euro region has returned to the negative territory for the current month, contracting 0.2% vs. previous estimates for a 0.1% gain and down from January’s final 0.3% raise. Core prices have followed suit, rising at an annual pace of 0.7% vs. 0.9% forecasted and 1.0% previous.

    In the meantime spot is navigating on a softer tone around the 1.0900 neighbourhood, with market participants now focusing on next week’s critical ECB meeting.

    EUR/USD levels to watch

    The pair is now losing 0.36% at 1.0901 and a break below 1.0867 (76.4% Fibo of December up-move) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next hurdle aligns at 1.0971 (55-day sma) ahead of 1.1048 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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