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7 Jan 2015
EUR/USD shrugs off upbeat German data, awaits CPI
FXStreet (Mumbai) - The EUR/USD hardly responded to the upbeat German employment data as investors remain solely focused on the final Eurozone CPI reading for December due for release later today.
The pair continues to trade marginally weak for the day at 1.1879 levels. The German unemployment fell for the third month in December bringing down the unemployment rate to 6.5 percent – the lowest level since reunification. However, the pair hardly reacted to the upbeat data as the markets expect the CPI data due for release later today to show the cost of living declined in the Eurozone. Moreover, the negative CPI reading is likely to re-enforce expectations of sovereign QE in the Eurozone.
EUR/USD pair Technical Levels
The immediate resistance is seen at 1.1894, above which prices could test 1.1924 (5-DMA) levels. Meanwhile, support is seen at 1.1853 and 1.18 levels.
The pair continues to trade marginally weak for the day at 1.1879 levels. The German unemployment fell for the third month in December bringing down the unemployment rate to 6.5 percent – the lowest level since reunification. However, the pair hardly reacted to the upbeat data as the markets expect the CPI data due for release later today to show the cost of living declined in the Eurozone. Moreover, the negative CPI reading is likely to re-enforce expectations of sovereign QE in the Eurozone.
EUR/USD pair Technical Levels
The immediate resistance is seen at 1.1894, above which prices could test 1.1924 (5-DMA) levels. Meanwhile, support is seen at 1.1853 and 1.18 levels.