EUR/USD corrects lower to 1.1320, US CPI eyed

The shared currency keeps dropping from daily highs vs. the dollar, with EUR/USDnow hovering over the 1.1320 area ahead of US CPI.

EUR/USD in red ahead of data

The initial weakness in USD has helped spot to advance to session peaks near 1.1340, although the bullish attempt lacked of follow through and prompted sellers to step in.

In the meantime, the pair keeps a tight range so far this week in light of today’s US CPI figures and speeches by Fed’s Lockhart, Williams and Kaplan and tomorrow’s release of the more relevant FOMC minutes.

EUR/USD levels to watch

The pair is now losing 0.02% at 1.1319 facing the immediate support at 1.1281 (low May 13) followed by 1.1213 (low Apr.25) and finally 1.1142 (low Mar.24). On the other hand, a break above 1.1448 (high May 11) would target 1.1615 (2016 high May 3) en route to 1.1713 (high Aug.24 2015).