16 Jan 2015
EUR/USD treads waters, Euro zone CPI eyed
FXStreet (Mumbai) - EUR/USD manages to hold mild gains in the European morning, continuing its choppy trend from the previous session before the release of the European Union CPI numbers.
Currently, the EUR/USD traded at 1.1642, marginally higher by 0.09% on the day, having posted day’s low at 1.1600. The EUR/USD pair was unmoved after the sluggish German CPI data and now trades cautious still vulnerable and poised for further losses ahead of the EMU inflation data. The euro zone inflation is expected to decline to -0.2% from last month's 0.3% on a yearly basis, pushing the euro area into deflation.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1732 (5-DMA) levels, above which gains could be extended to 1.1789 (10-DMA) levels. On the flip side, support is seen at 1.16 (Today’s Low) levels, below which it could extend losses to 1.1580 levels.
Currently, the EUR/USD traded at 1.1642, marginally higher by 0.09% on the day, having posted day’s low at 1.1600. The EUR/USD pair was unmoved after the sluggish German CPI data and now trades cautious still vulnerable and poised for further losses ahead of the EMU inflation data. The euro zone inflation is expected to decline to -0.2% from last month's 0.3% on a yearly basis, pushing the euro area into deflation.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1732 (5-DMA) levels, above which gains could be extended to 1.1789 (10-DMA) levels. On the flip side, support is seen at 1.16 (Today’s Low) levels, below which it could extend losses to 1.1580 levels.