13 Aug 2015
EUR/USD pares losses, rises to 1.1150 on German CPI
FXStreet (Mumbai) - The offered tone around the EUR/USD pair is seen reducing ahead of Europe open, as the EUR bulls received some support from modestly higher German price pressures, the final reading confirmed.
EUR/USD bounces-off lows near 1.1130
The EUR/USD pair trades -0.07% lower at fresh session highs of 1.1153, retreating from session lows reached at 1.1132 in early moves. The major tries to recover most losses following the release of final German CPI print which boosted the sentiment around the European currency.
Consumer prices increased 0.2% m/m in July, compared with preliminary projections for a 0.2% increase. Back in June, the gauge declined 0.1% on the same basis. In annual terms, the cost of living in the euro area's number one economy rose 0.2% in July, the final print showed.
However, the gains remained capped against the backdrop rebounding US dollar across the board, correcting sharp losses witnessed on Wednesday following speculations of delayed Fed rate hike due to China’s yuan devaluation.
Meanwhile, focus also shifts back to the much await US retail sales data to be reported in the US session prompting traders to favour the US dollar.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1198 (July 13 High) levels, above which gains could be extended to 1.1218 (July 10 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1080 (June 8 Low).
EUR/USD bounces-off lows near 1.1130
The EUR/USD pair trades -0.07% lower at fresh session highs of 1.1153, retreating from session lows reached at 1.1132 in early moves. The major tries to recover most losses following the release of final German CPI print which boosted the sentiment around the European currency.
Consumer prices increased 0.2% m/m in July, compared with preliminary projections for a 0.2% increase. Back in June, the gauge declined 0.1% on the same basis. In annual terms, the cost of living in the euro area's number one economy rose 0.2% in July, the final print showed.
However, the gains remained capped against the backdrop rebounding US dollar across the board, correcting sharp losses witnessed on Wednesday following speculations of delayed Fed rate hike due to China’s yuan devaluation.
Meanwhile, focus also shifts back to the much await US retail sales data to be reported in the US session prompting traders to favour the US dollar.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1198 (July 13 High) levels, above which gains could be extended to 1.1218 (July 10 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1080 (June 8 Low).