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German CPI next: impact on EUR/USD

FXstreet.com (Barcelona) - Preliminary Consumer Prices in the German economy for the month of May are due next, with market consensus expecting the headline to rise 1.3% on a yearly basis. The Harmonised Index of Consumer Prices is also expected to rise 1.4% YoY, both prints surpassing April’s readings.

The single currency is now posting session highs around 1.2980, reverting yesterday’s strong losses after the US Consumer Confidence exceeded expectations. The next relevant resistance levels align at 1.2994 (high May 24) ahead of the psychological mark at 1.3000; while support levels are located at 1.2821 (session low) followed by 1.2809 (low May 20).

“In the 4 hours chart technical readings turned also bearish, although buyers had been aligned in the 1.2800/40 area lately: price needs to break below this area to confirm a downward continuation, towards 1.2745, past November low, ahead of 1.2660”, suggested Currency Analyst at FXstreet.com, Valeria Bednarik.

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