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EUR/USD closer to 1.1400 post-German CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency is extending its upbeat tone during the first half of the week, now pushing EUR/USD to fresh daily tops around 1.1390.

    EUR/USD firmer post-data

    The pair has gathered further traction after consumer prices in the German economy have matched expectations during September, coming in flat on a yearly basis and contracting 0.2% inter-month. The broader HICP has contracted 0.3% MoM and 0.2% over the last twelve months.

    Still in Germany, the ZEW Survey is due next. Prior estimates expect the indicator to come in on the softer side during the current month. In the same direction, EMU’s Economic Sentiment is seen easing to 30.1 from 33.3.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.21% at 1.1382 and a breakout of 1.1460 (monthly high Sep.18) would target 1.1537 (downtrend from mid-December) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1246 (55-d sma) followed by 1.1187 (2-month up trend) and then 1.1152 (100-day sma).
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