FxWirePro: EUR/USD resumes downside after German inflation data
The EUR /USD pair declined on Monday after German inflation data came in slightly weaker than expected, which took some pressure off the European Central Bank to wind down its stimulus programme. The latest figures showe…
The EUR /USD pair declined on Monday after German inflation data came in slightly weaker than expected, which took some pressure off the European Central Bank to wind down its stimulus programme.
The latest figures showed German consumer price inflation hit 1.9 percent in January. While that was the highest in three-and-a-half years, it was slightly below forecasts for a 2 percent annual rise.
The data came in slightly weaker than consensus forecast of 2.0 percent. Still, it was the highest annual inflation rate since July 2013.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0790 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0660, a break above this level would expose the pair to next resistance level at 1.0726.
To the downside, immediate support can be seen at 1.0619, a break below at this level will open the door towards next level at 1.0580.
