FxWirePro: EUR/USD intraday upside momentum strong after weak U.S. inflation, retail sales data
The EUR/USD rose higher at the beginning of the US session on Friday as benign U.S. inflation data in June and an unexpected fall in retail sales fueled doubts about an interest rate increase later this year. U.S. inflat…
The EUR/USD rose higher at the beginning of the US session on Friday as benign U.S. inflation data in June and an unexpected fall in retail sales fueled doubts about an interest rate increase later this year.
U.S. inflation was unchanged in June, following a 0.1 percent dip in May. The so-called core CPI, which strips out food and energy costs, edged up just 0.1 percent in June. The core CPI increased 1.7 percent year-on-year after a similar gain in May.
U.S. retail sales also underperformed, falling for a second month in June. Retail sales dropped 0.2 percent last month.
Further downside for this pair is expected to be limited as strong support level at 1.1365 is set to limit downside and push the pair towards higher levels.
To the upside, the strong resistance can be seen at 1.1500, a break above this level would take the pair towards next resistance level at 1.1574.
To the downside immediate support can be seen at 1.1431 levels, a break below this level will open the door towards next level at 1.1365.
