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EUR/USD falls further after US CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD pushed lower and printed fresh 2-week lows as the dollar strengthened on the back of higher-than-expected US consumer prices data.

    US consumer price index was flat in January after falling 0.1% the previous month, while excluding the volatile food and energy categories, the so called core CPI rose 0.3%, the largest monthly increase since August 2011. Both the headline and the core indexes were above expectations of -0.1% and +0.2% respectively.

    EUR/USD was dragged lower by a stronger dollar and hit a low of 1.1065, last seen February 3. At time of writing, the pair is trading at 1.1070, still 0.32% below its opening price.

    EUR/USD is extending losses into a sixth consecutive day Friday and remains on track to post steep weekly losses, after being rejected from the 1.1375 zone earlier this month.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.1053 (200-day SMA), 1.0963 (100-day SMA) and 1.0903 (Feb 3 low). On the flip side, resistances could be faced at 1.1149 (Feb 18 high), 1.1178 (Feb 17 high), 1.1194 (10-day SMA) and 1.1249 (Feb 15 high).
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