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Forex pairs in this Article » EUR/USD (Córdoba) - Coming up during the American session, the US will release the Consumer Price Index for June, with the headline figures expected at 0.3% and 1.5% MoM and YoY respectively.

The Consumer Price Index will be closely watched by investors particularly "after ultra dovish Bernanke remarked the FED is failing on both extremes of its dual mandate, as inflation remains low while unemployment is still too high", says Valeria Bednarik, chief analyst at

Bednarik notes that the US CPI release will not be a big market mover as the country has an inflationary target of 2.0%. "Greenback may find favor only if the number approaches to the 2.0% target set by the FED outperforming the expected 1.5%", she says. "Any reading below this number will only send dollar nose diving across the board".

Ahead of the release, EUR/USD is trading above the 1.3100 mark, with immediate resistances at 1.3145 (Jul 11 intraday level) and 1.3204 (Jul 11 high), while supports are seen at 1.3050 (daily low) and 1.2990 (Jul 15 low).
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