OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD edges higher to 1.1880 ahead of EMU CPI

  • Spot clinches highs around 1.1880.
  • USD remains offered near 93.20.
  • EMU CPI next on tap.

The buying interest around the single currency is gathering extra traction in the second half of the week, motivating EUR/USD to advance to the area of session tops in the 1.1870/80 band.

EUR/USD focused on EMU CPI

Following yesterday’s ‘doji-like’ candle, spot is now picking up further upside momentum and is currently challenging the critical resistance area around 1.1870/80.

The up move in the pair is accompanied by a softer tone in yields of the key US 10-year reference, which are shedding some ground after Wednesday’s tops in levels just beyond the 2.40% handle.

Ahead in the session, advanced November inflation figures tracked by the CPI in the euro bloc will be the salient event, while PCE, initial claims, personal income/spending should grab all the attention in the US docket.

EUR/USD levels to watch

At the moment, the pair is gaining 0.15% at 1.1865 and a breakout of 1.1961 (high Nov.27) would target 1.2033 (high Sep.20) en route to 1.2069 (high Aug.29). On the other hand, the immediate support aligns at 1.1832 (10-day sma) followed by 1.1818 (low Nov.29) and finally 1.1713 (low Nov.21).

Eurozone: Positive surprise in core CPI might just keep the ECB doves at bay - ING

With ECB policymakers still toeing a fairly cautious line, today’s flash Nov EZ CPI reading will be closely watched for any nascent signs of underlyin
Read more Previous

Brexit negotiations: On to phase 2? - TDS

With news overnight that the UK had capitulated to the EU’s demands on the Brexit “divorce bill”, it looks likely that negotiators will receive the th
Read more Next
Start livechat