EUR/USD finds support near 1.1930 post-CPI

The decline in EUR/USD seems to have found some contention in the 1.1920 area following the release of advanced German CPI figures of the month of August.

EUR/USD now looks to ADP

Buyers seem to have emerged around 1.1920 after flash German inflation figures showed consumer prices tracked by the CPI are expected to rise 0.1% MoM and 1.8% on a yearly basis, matching estimates.

The broader HICP gauge is seen rising at an annualized 1.8% and 0.2% inter-month, surpassing prior surveys.

Markets’ attention should now shift to the US DP report and the second revision of the US GDP during the April-June period.

EUR/USD levels to watch

At the moment, the pair is losing 0.37% at 1.1928 facing the immediate support at 1.1925 (low Aug.30) followed by 1.1851 (10-day sma) and then 1.1818 (21-day sma). On the flip side, a break above 1.2069 (2017 high Aug.29) would open the door to 1.2167 (50% Fibo of the 2014-2017 drop) and finally 1.2186 (high Dec 25 2014).