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EUR/USD keeps the red on EMU’s CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD remained unchanged following the final CPI figures in the euro area for the month of March, currently navigating the 1.1270 area.

    EUR/USD now looks to US CPI

    Spot is attempting a rebound from earlier lows in the 1.1235/30 band, albeit it still remains in the red territory near 1.1270 after EMU’s consumer prices have come in flat on a yearly basis during March, bettering forecasts for a 0.1% advance.

    In the meantime, the demand for the greenback remains on the rise, adding downside pressure to the pair and limiting occasional bullish attempts.

    Next of relevance in the pair will be US inflation figures tracked by the CPI, expected to have gained 0.2% MoM in March, seconded by Initial Claims.

    EUR/USD levels to watch

    The pair is now down 0.07% at 1.1267 and a break below 1.1219 (38.2% Fibo of 1.0820-1.1455) would open the door to 1.1163 (55-day sma) and finally 1.1142 (low Mar.24). On the flip side, the initial hurdle lines up at 1.1313 (23.6% Fibo of 1.0820-1.1455) followed by 1.1454 (2016 high Apr.7) and then 1.1496 (monthly high Oct.15 2015).
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