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EUR/USD edges lower after German inflation data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD edged a tad lower following the release of German CPI data, which showed prices grew less than expected in February.

    Germany’s HICP fell 0.2% y/y, compared to the estimated figure of 0.0%. Month-on-month, the HICP printed at 0.4%, missing the estimate of 0.6%.

    EUR/USD dropped a few pips but overall remained within its daily range. At time of writing, the pair is trading at 1.1010, little changed on the day, having pulled back from a peak of 1.1067. Attention now turns to US Q4 GDP.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0955 (100-day SMA) and 1.0903/00 (Feb 3 low/psychological level) ahead of 1.0882 (Feb 2 low). On the other hand, resistances could be found at 1.1067 (Feb 26 high), 1.1138 (Feb 19 high) and 1.1178 (Feb 17 high).
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