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EUR/USD poised to attack 1.1200 ahead of German CPI

FXStreet (Mumbai) - The offered tone around the EUR/USD pair increases in the mid-European trades, as the USD bulls appears to have regained control amid a gradual shift seen in the risk conditions.

EUR/USD eyes 1.1200

The EUR/USD pair trades -0.17% lower at 1.1224, testing fresh session lows struck at 1.1220 in last hours. The EUR/USD pair met fresh supply near 1.1280 region and extends its descent thereon as markets turn to riskier currencies such as the US dollar amid fading risk-off moods.

Meanwhile, focus now shifts towards the crucial German CPI data which may provide fresh incentives on EUR/USD. On the US macro front, consumer confidence data will be key for further momentum.

Germany’s prelim CPI data for September is expected to fall -0.1% after a flat result reported a month ago, while adding 0.1% annually, compared to 0.2% in August.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1296 (Sept 24 High), above which gains could be extended to 1.1331 (Sept 21 High) levels. On the flip side, support is seen at 1.1200 (Psychological levels) below which it could extend losses to 1.1163 (Sept 24 Low) levels.

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