EURUSD SOFTENS AFTER WEAK CPI DATA
The euro has started to move lower against the US dollar, after weaker than expected CPI inflation data releases from the German and Spanish economies. The EURUSD pair is also under mild technical selling pressure, after a failed attempt to break above the 1.1400 resistance level. Traders now look to key inflation data from the United States economy and the release of the FOMC Meeting Minutes.
The EURUSD pair is only bullish while trading above the 1.1382 level, key technical resistance remains at the 1.1400 and 1.1470 levels.
If the EURUSD pair continues to trade below the 1.1382 level, sellers may test the 1.1330 and 1.1300 levels.