EUR/USD returns to 1.1080 post-US CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD eased further ground following US releases on Wednesday, currently testing the lower bound of the range near 1.1080.

    EUR/USD lower on data, eyes on FOMC

    The pair has faded the bullish attempt to the 1.1100 handle after US inflation figures have come in on a firmer note, showing the headline CPI up 1.0% on a year to February while the Core print rose at an annual pace of 2.3%, both prints surpassing estimates.

    Data from the residential sector showed Housing Starts beating expectations during last month, while Building Permits missed consensus.

    Next on tap will be February’s Industrial Production and Capacity Utilization, all ahead of the FOMC statement and Yellen’s press conference.

    EUR/USD levels to watch

    The pair is now down 0.23% at 1.1082 facing the next support at 1.1042 (200-day sma) ahead of 1.1025 (55-day sma) and finally 1.0820 (post-ECB low Mar.10). On the other hand, a breakout of 1.1218 (post-ECB high Mar.10) would target 1.1339 (high Fe.9) en route to 1.1379 (2016 high Feb.11).

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