EUR/USD stays near 1.0880 post-German CPI

EUR/USD remains in the negative territory on Thursday, deflating from daily highs beyond 1.0900 the figure to current session lows in the 1.0885/80 band.

EUR/USD weaker post-ECB, German data

Spot kept the daily range after advanced German inflation figures tracked by the CPI showed consumer prices are expected to have risen at an annualized 2.0% during April. Prices gauged by the broader HICP are also seen advancing 2.0% on a year to April, up from March’s 1.5% gain.

Despite the upbeat report from German consumer prices, spot stays under pressure after the ECB left unchanged its monetary status at today’s meeting, although it reiterated its readiness to modify the QE programme in size and/or duration in case the region’s outlook deteriorates.

Looking ahead, Draghi’s press conference is expected at 1230GMT. Across the pond, Durable Goods Orders, Pending Home Sales, Initial Claims and Goods Trade Balance are expected in the NA session.

EUR/USD levels to watch

At the moment, the pair is retreating 0.16% at 1.0887 and a breach of 1.0855 (low Apr.26) would target 1.0850 (low Apr.25) en route to 1.0837 (200-day sma). On the other hand, the next up barrier is located at 1.0950 (2017 high Apr.26) followed by 1.1000 (psychological handle) and then 1.1300 (high Nov.9 2016).