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EUR/USD muted post-CPI, still above 1.10

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency stayed put after EMU’s CPI today, with EUR/USD clinging to its daily gains around 1.1015/10 band.

    EUR/USD unchanged on data

    The pair has faded the overnight spike to daily peaks near 1.1040, giving away gains towards the 1.1000 handle as sentiment remains slightly biased towards the risk appetite. Collaborating with the upbeat sentiment, European equity markets are extending their gains after a positive open.

    Spot has practically ignored the final inflation figures in the euro area, with headline CPI rising 0.3% on a year to January and Core CPI up 1.0% YoY.

    EUR/USD levels to watch

    The pair is now up 0.02% at 1.1010 with the next hurdle at 1.1048 (200-day sma) followed by 1.1112 (20-day sma) and finally 1.1220 (23.6% Fibo of December up-move). On the other hand, a break below 1.0974 (55-day sma) would expose 1.0955 (low Feb.24) and finally 1.0867 (76.4% Fibo of December up-move).
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