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24 Feb 2014
EUR/USD muted on EMU CPI
FXStreet (Edinburgh) - The EUR/USD kept the composure after core consumer prices in the euro area came in as expected during January.
EUR/USD points to higher ground
The pair remains on the upside path on Monday after core CPI in the euro bloc expanded at an annual pace of 0.8%, broadly in line with estimates. The data add to the recent positive releases from the German IFO series, bolstering today’s upside momentum. “German businesses remain diehard optimists… German business optimism seems to be contagious and slowly but surely the latest conundrum between soft and hard data is fading away. Better-than-expected GDP data in the fourth quarter marked an important first step, hard data in the coming weeks should confirm the catching up of the real economy. Particularly the industrial backbone of the economy should strengthen again”, observed Carsten Brzeski, Analyst at ING Bank NV.
EUR/USD significant levels
At the moment the pair is up 0.15% at 1.3758 with the immediate resistance 1.3777 (2014 high Jan.2) followed by 1.3800 (psychological level) and 1.3819 (high Dec.30). On the flip side, a breakdown of 1.3729 (low Feb.24) would open the door to 1.3702 (low Feb.21) and finally 1.3685 (low Feb.20).
EUR/USD points to higher ground
The pair remains on the upside path on Monday after core CPI in the euro bloc expanded at an annual pace of 0.8%, broadly in line with estimates. The data add to the recent positive releases from the German IFO series, bolstering today’s upside momentum. “German businesses remain diehard optimists… German business optimism seems to be contagious and slowly but surely the latest conundrum between soft and hard data is fading away. Better-than-expected GDP data in the fourth quarter marked an important first step, hard data in the coming weeks should confirm the catching up of the real economy. Particularly the industrial backbone of the economy should strengthen again”, observed Carsten Brzeski, Analyst at ING Bank NV.
EUR/USD significant levels
At the moment the pair is up 0.15% at 1.3758 with the immediate resistance 1.3777 (2014 high Jan.2) followed by 1.3800 (psychological level) and 1.3819 (high Dec.30). On the flip side, a breakdown of 1.3729 (low Feb.24) would open the door to 1.3702 (low Feb.21) and finally 1.3685 (low Feb.20).