29 Apr 2014
EUR/USD around 1.3850, German CPI eyed
FXStreet (Edinburgh) - The shared currency is extending the correction from session peaks at 1.3880, currently taking the EUR/USD to the 1.3860/55 region.
EUR/USD focus on German prices
All eyes will be on the release of the advanced inflation figures in Germany for the month of April, ahead of tomorrow’s EMU’s crucial CPI. Market consensus expects consumer prices to expand at an annual pace of 1.4% and to contract 0.1% inter-month. Regarding the Harmonised Index of Consumer Prices, forecasts see a rise of 1.4% on a yearly basis. “With dollar under pressure across the board, a price acceleration above 1.3880 should lead to an upward extension towards 1.3920 immediate target, while once above this last doors are opened for a test of the year high of 1.3966”, signalled Valeria Bednarik, Currency Analyst at FXStreet.
EUR/USD levels to watch
As of writing the pair is up 0.05% at 1.3858 with the next resistance at 1.3880 (high Apr.28) ahead of 1.3906 (high Apr.11) and then 1.3925 (high Mar.19). On the flip side a breakdown of 1.3832 (daily cloud top) would aim for 1.3824 (10-d MA) and finally 1.3815 (low Apr.28).
EUR/USD focus on German prices
All eyes will be on the release of the advanced inflation figures in Germany for the month of April, ahead of tomorrow’s EMU’s crucial CPI. Market consensus expects consumer prices to expand at an annual pace of 1.4% and to contract 0.1% inter-month. Regarding the Harmonised Index of Consumer Prices, forecasts see a rise of 1.4% on a yearly basis. “With dollar under pressure across the board, a price acceleration above 1.3880 should lead to an upward extension towards 1.3920 immediate target, while once above this last doors are opened for a test of the year high of 1.3966”, signalled Valeria Bednarik, Currency Analyst at FXStreet.
EUR/USD levels to watch
As of writing the pair is up 0.05% at 1.3858 with the next resistance at 1.3880 (high Apr.28) ahead of 1.3906 (high Apr.11) and then 1.3925 (high Mar.19). On the flip side a breakdown of 1.3832 (daily cloud top) would aim for 1.3824 (10-d MA) and finally 1.3815 (low Apr.28).