FXStreet (Edinburgh) - The current EUR weakness seems to have found decent support around the 1.3530 area on Friday, with the EUR/USD coming down from session peaks near 1.3580.
EUR/USD focus on EMU’s CPI
The pair is looking to consolidate the current decline from ytd peaks near 1.4000 the figure in early May, meandering around the lower band of the range near the key support at 1.3500. The next risk event for the EUR will be the release of the EMU CPI for the month of May (Monday), where consensus expects consumer prices to have grown 0.5% on a yearly basis. “Technicals are mixed, with longer-term sell signals developing (the 50-day MA is crossing below the 50-day MA); but short-term technicals losing momentum”, suggested Camilla Sutton, Chief FX Strategist at Scotiabank.
EUR/USD levels to watch
As of writing the pair is losing 0.10% at 1.3538 and a break below 1.3512 (low Jun.12) would open the door to 1.3503 (low Jun.5) and finally 1.3482 (low Feb.6). On the upside, the immediate hurdle lines up at 1.3592 (10-d MA) followed by 1.3602 (high Jun.10) and then 1.3623 (21-d MA).