16 Jul 2013
EMU CPI next: impact on EUR/USD
FXstreet.com (Edinburgh) -Consumer prices in the euro area are due next, with market consensus expecting the CPI Core reading and the inter-month print to come in in line with forecasts during June, at 1.2% and 0.1% respectively. The headline CPI instead is expected to rise 1.6% vs. 1.4% previous.
The single currency is now easing some ground from session peaks just below 1.3100 the figure to the current region of 1.3070, although keeping the positive ground so far. Initial resistance aligns at 1.3100 (high July 12th) followed by the 30-day moving average at 1.3118. On the downside, support levels line up at session lows at 1.3053 ahead of July 15th low at 1.2992.
“As for the short term, the hourly chart maintains the neutral stance seen earlier, with price hovering around a flat 20 SMA, and indicators around their midlines”, suggested Valeria Bednarik, Currency Strategist at FXstreet.com.
The single currency is now easing some ground from session peaks just below 1.3100 the figure to the current region of 1.3070, although keeping the positive ground so far. Initial resistance aligns at 1.3100 (high July 12th) followed by the 30-day moving average at 1.3118. On the downside, support levels line up at session lows at 1.3053 ahead of July 15th low at 1.2992.
“As for the short term, the hourly chart maintains the neutral stance seen earlier, with price hovering around a flat 20 SMA, and indicators around their midlines”, suggested Valeria Bednarik, Currency Strategist at FXstreet.com.