EUR/USD - Doji candle ahead of German CPI and US GDP

Monday’s Doji candle on the EUR/USD pair suggests indecisiveness ahead of the release of the preliminary German CPI for November and Q3 US GDP.

Eyes German CPI & broader market sentiment

The preliminary German CPI report for November is expected to show the cost of living remained unchanged at 0.8% y/y. The data could increase/decrease pressure on the ECB to fight the deflationary pressures.

The US GDP release may not receive much attention since markets expect Trumponomics to boost the GDP next year. Meanwhile, the action in the oil prices and the resulting impact on the broader market sentiment could influence the pair.

EUR/USD Technical Levels

The spot was last seen trading around 1.06. A break above 1.0658 (Nov 22 high) would expose 1.0702 (23.6% of Nov 9 high – Nov 24 low) and 1.0760 (Nov 16 high). On the other hand, a breakdown of support at 1.06 (zero figure) would open doors for a sell-off to 1.0569 (Nov 18 low) and 1.0518 (Nov 24 low).