EURUSD eyes 1.1400 level after better than expected Eurozone inflation, G20 meeting in focus

EURUSD recovered nearly 30 pips from intraday low after Eurozone inflation data. Eurozone flash CPI came at 1.1% y/y in June compared to a forecast of 1.1%. Investors await Trump and Xi Jinping meeting tomorrow in the G20 summit for a new direction. The pair to trade higher if the deal happened successfully. It hits high of 1.13933 at the time of writing and is currently trading around 1.13867.

Major economic data to be released today are US PCE, Personal spending and Chicago PMI. But the impact of the data will be minimal as major directions can be found only after the G20 meeting.

On the flip side, the near term major support is around 1.13418-1.13463 (23.6% fib and 200- day MA) and any violation below will drag the pair to the next level till 1.1300/1.12700.

The major resistance is around 1.1400 and any convincing break above targets 1.14485. Any major trend reversal can be seen only above 1.14500.

It is good to buy on dips around 1.1355-60 with SL around 1.1320 for the TP of 1.14485.