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14 Jun 2013
EMU CPI NEXT: IMPACT ON EUR/USD
FXstreet.com (Edinburgh) - Consumer Prices in the euro area are due next. Prior surveys expect the headline to have expanded at an annual pace of 1.4% while the Core reading is expected at 1.2% YoY. Both prints represent advances when compared to April’s 1.2% and 1.0%, respectively.
The EUR/USD is trading on the back foot ahead of the release, hovering over 1.3330 and partially trimming yesterday’s gains. The key levels to watch on the upside will be 1.3390 (high June 13th) and then 1.3434 (high February 20th). On the opposite direction, support levels align at 1.3266 (low June 12th) followed by 1.3233 (10-day moving average).
According to Valeria Bednarik, Currency Strategist at FXstreet.com, “In the 4 hours chart however, there is a clearer upward potential surging from technical readings that supports an extension above 1.3400 for this Friday”.
The EUR/USD is trading on the back foot ahead of the release, hovering over 1.3330 and partially trimming yesterday’s gains. The key levels to watch on the upside will be 1.3390 (high June 13th) and then 1.3434 (high February 20th). On the opposite direction, support levels align at 1.3266 (low June 12th) followed by 1.3233 (10-day moving average).
According to Valeria Bednarik, Currency Strategist at FXstreet.com, “In the 4 hours chart however, there is a clearer upward potential surging from technical readings that supports an extension above 1.3400 for this Friday”.