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Forex: EUR/USD bounces after EMU CPI

FXstreet.com (Barcelona) - The EUR/USD felt pressured ahead of EMU CPI and unemployment rate, easing all the way to 1.3056 low. Once data was released, the pair bounced and is already near 1.3080. The preliminary publication of EMU CPI indicates a lower than expected figure in April, at 1.2% instead of 1.6%, and coming from 1.7%. The unemployment rate in the Eurozone rose from 12.0% to 12.1% in March, as expected.

There are extra 4K unemployed in Germany in April, instead of the expected 2K, but the unemployment rate remains at 6.9%. The EUR/JPY remains below 128.00. German retail sales are already out, down -0.3% in March (MoM) to an annualized drop from -2.6% to -2.8%, lower than market consensus of 0.0% (MoM) and -1.2% (YoY). The German GfK May consumer confidence rose from 6.0 to 6.2, beating 5.9 consensus.

“Pullback under 1.3100, could be seen as corrective, while price holds above 1.3050 zone, 50% of 1.2989/1.3115 upleg / 20 day EMA, as 4h indicators maintain positive tone, with higher low seen as good base for possible fresh attempt above 1.3100/15, to possibly open key 1.3200 barrier”, wrote Windsor Brokers analyst Slobodan Drvenica, adding that a slide below 1.3050 would risk return to 1.3000 base and keep the near-term range top intact.

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