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EUR/USD testing the 1.3000 barrier after EMU CPI

FXstreet.com (Barcelona) - The EUR/USD edged lower back towards the key 1.3000 level during European trading, after the release of EMU economic data Friday.

In the EMU, Consumer Price Index (YoY) grew +1.4% in May, matching expectations of +1.4%. In addition, the Consumer Price Index – Core (YoY) climbed +1.2% in May, relative to projections calling for +1.1%.

Technically speaking, the Mataf.net analyst team has calculated short-term supportive measures for the EUR/USD at 1.2966, ahead of 1.2893, and finally 1.2846. Should the pair eliminate any of its losses or rebound higher, resistances will be encountered at 1.3086, then 1.3133, and eventually 1.3206.

According to the Technical Analyst Team at ICN.com, “The EUR/USD rose sharply yesterday and managed to touch the second target of the bullish harmonic Butterfly Pattern at 61.8% correction around 1.3045. We can see now some volatility and perhaps bearish correction, but trading above 1.2950 is positive now and might push the pair towards 78.6% correction and 88.6% residing at 1.3110 and 1.3150.”

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