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EUR/USD through 1.13 on EMU’s CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The common currency is intensifying its upside today, now pushing EUR/USD beyond the 1.1300 handle, or fresh daily peaks.

    EUR/USD stronger post CPI results

    The pair has finally broken above the key barrier at 1.1300 the figure after inflation figures in the euro area have come in a tad higher than the preliminary readings during February. In fact, headline CPI has risen 0.2% MoM (vs. 0.1% prev.) and it has contracted 0.2% on a yearly basis. The Core CPI rose 0.8% YoY vs. 0.7% exp.

    Spot is navigating 5-week highs near 1.1330, gaining nearly 3 cents since Wednesday’s lows and trading closer to YTD highs at 1.1378 posted in early February.

    EUR/USD levels to watch

    The pair is now up 0.89% at 1.1324 and a breakout of 1.1339 (high Feb.9) would target 1.1378 (2016 high Feb.11) and then 1.1460 (monthly high Sep.18 2015). On the other hand, the next support aligns at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1043 (200-day sma) and finally 1.1036 (20-day sma).
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