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22 May 2015
EUR/USD retreats from 1.1200
FXStreet (Edinburgh) - The European currency remains on the positive footing vs. the greenback, briefly lifting EUR/USD beyond the 1.1200 handle.
EUR/USD focus on US CPI, Riga
After bouncing off the critical 1.1050/60 area, the pair sparked a recovery which is now challenging the 1.1200 mark, although still quite far from Monday’s peaks in the mid-1.1400s. Positive German GDP figures during the first quarter plus mixed results from the IFO indicator for the month of May gave further support to the buying interest in the euro, all against the backdrop of increasing expectations on the EU Summit IN Riga and some sort of optimism regarding the Greek debt talks.
Next of relevance in the data space will be the US CPI. Consensus expects US consumer prices to have contracted at an annual pace of 0.1% during April, while the Core print is expected at 1.7%, a tad lower than April’s 1.8% gain. Later on during the European evening, Chairwoman J.Yellen will give a speech on ‘US Economic Outlook’.
EUR/USD levels to consider
As of writing the pair is up 0.52% at 1.1170 and a breakout of 1.1182 (high May 21) would aim for 1.1217 (38.2% of 1.1468-1.1062) and then 1.1244 (10-d MA). On the flip side, the immediate support lines up at 1.1062 (low May 20) followed by 1.0994 (50% of 1.0521-1.1468) and finally 1.0978 (daily cloud top).
EUR/USD focus on US CPI, Riga
After bouncing off the critical 1.1050/60 area, the pair sparked a recovery which is now challenging the 1.1200 mark, although still quite far from Monday’s peaks in the mid-1.1400s. Positive German GDP figures during the first quarter plus mixed results from the IFO indicator for the month of May gave further support to the buying interest in the euro, all against the backdrop of increasing expectations on the EU Summit IN Riga and some sort of optimism regarding the Greek debt talks.
Next of relevance in the data space will be the US CPI. Consensus expects US consumer prices to have contracted at an annual pace of 0.1% during April, while the Core print is expected at 1.7%, a tad lower than April’s 1.8% gain. Later on during the European evening, Chairwoman J.Yellen will give a speech on ‘US Economic Outlook’.
EUR/USD levels to consider
As of writing the pair is up 0.52% at 1.1170 and a breakout of 1.1182 (high May 21) would aim for 1.1217 (38.2% of 1.1468-1.1062) and then 1.1244 (10-d MA). On the flip side, the immediate support lines up at 1.1062 (low May 20) followed by 1.0994 (50% of 1.0521-1.1468) and finally 1.0978 (daily cloud top).