Euro Eyes Resistance as German CPI Confirms Flash Estimates

By DailyFx | June 12, 2014 AAA

DailyFX.com -

Talking Points:

  • German CPI Confirms Flash Estimates at 0.9% Y/Y
  • Euro Rises vs US Dollar Following the Release
  • EUR/USD 1.3585 May Provide Resistance

The final revision of May’s German CPI data reported in-line. The headline year-on-year inflation rate confirmed at 0.9 percent, putting price growth at the lowest pace in over four years.

The Euro rose vs the US Dollar following the release, but faces resistance at the 1.3585 rate. DailyFX Strategist Jamie Saettele, CMT, says the Euro is bearish towards at least 1.3294. The move may have limited follow through as deflation risks have already produced an expansion of ECB stimulus at last week’s policy meeting.

Automatically PlaceDailyFX Support and Resistance Lines on Your Charts.

Euro Eyes Resistance as German CPI Confirms Flash Estimates

EUR/USD 5-Minute Chart. June 13, 2014. Charted created using FXCM Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to dmaycotte@FXCM.com.

Want to trade with proprietary strategies developed by FXCM? Find out how with Mirror Trader.

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD recovering from Asian lows
    Forex News

    GBP/USD recovering from Asian lows

  2. USD/JPY mellow on the back of USD sell-off
    Forex News

    USD/JPY mellow on the back of USD sell-off

  3. Dollar Cheered in Press, But Data and Fed Chatter Turning
    Forex News

    Dollar Cheered in Press, But Data and Fed Chatter Turning

  4. EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation
    Forex News

    EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation

  5. US Dollar Technical Analysis: Is a Pullback in the Cards?
    Forex News

    US Dollar Technical Analysis: Is a Pullback in the Cards?

Trading Center