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EUR/USD testing 1.12 post-German CPI

FXStreet (Edinburgh) - The common currency is dropping further vs. the greenback on Tuesday, dragging EUR/USD to session lows in the 1.1200 neighbourhood.

EUR/USD vulnerable on German data

The pair is trading on a softer tone after the preliminary inflation figures in the German economy have disappointed expectations for the current month, with headline consumer prices contracting 0.2% on a monthly basis and coming in flat on an annual reading. The broader HICP measure showed prices dropping 0.3% MoM and 0.2% over the last twelve months.

Next of relevance in the pair will be the S&P/Case-Shiller index followed by Consumer Confidence tracked by CB.

EUR/USD levels to watch

As of writing the pair is losing 0.36% at 1.1203 with the next support at 1.1171 (low Sep.10) ahead of 1.1146 (low Sep.28) and then 1.1105 (low Sep.23). On the flip side, a break above 1.1283 (high Sep.29) would target 1.1296 (high Sep.24) en route to 1.1330 (high Sep.21).

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