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EUR/USD around 1.2950 after German CPI

FXstreet.com (Barcelona) - The shared currency kept the area of 1.2950 on Wednesday, after the advanced German CPI for the month of May surpassed expectations.

Consumer prices in the first economy of the bloc posted an annual expansion of 1.5% and 0.5% on a monthly basis, bettering the median at 1.3% and 0.2%, respectively. The OECD updated its global growth forecasts, and “continued to note that the Eurozone will likely lag and that the region continues to face stronger challenges than its developed world peers”, noted S.Osborne and G.Moore at TD Securities.

The EUR/USD is now advancing 0.73% at 1.2951 with the next resistance at 1.2974 (MA21d) ahead of 1.2994 (high May 24) and finally 1.2998 (high May 22). On the downside, a drop beyond 1.2821 (low May 23) would clear the way to 1.2809 (low May 20) en route to 1.2796 (low May 17).

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