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EUR/USD edges lower after German CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD remained pretty steady around 1.0900 following the release of softer-than-expected German inflation data.

    The German Consumer price index, harmonized for the Eurozone, was flat in December versus a 0.2% increase expected and rose 0.2% YoY versus 0.4% of consensus.

    The euro however, barely reacted to data, although it edged a few pips lower, sliding below the 1.0900 level to a low of 1.0885 in recent dealings. At time of writing, the pair is trading at 1.0890, still up 0.19% on the day.

    EUR/USD levels to watch

    In terms of technical levels, immediate supports are seen at 1.0837-26 (50-day SMA/Jan 4 low), 1.0795 (Dec 7 low) and 1.0700 (psychological level). On the flip side, next resistances could be found at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1051-54 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).
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