FXStreet (Edinburgh) - The single currency is now losing the grip, dragging the EUR/USD to test session lows in the area of 1.3555/50.
EUR/USD weaker post-US CPI
Consumer prices in the US economy surprised investors to the upside on May, expanding at an annual pace of 2.1% and 0.4% on a monthly basis, vs. estimates at 2.0% and 0.2%, respectively. Core prices (excluding food and energy costs) also surpassed expectations at 0.3% MoM and 2.0% over the last twelve months. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “technicals area mixed with most signals warning of a range bound environment. Support lies at yesterday’s low of 1.3513, while resistance lies at the high from June 10th of 1.3602”.
EUR/USD key levels
As of writing the pair is losing 0.20% at 1.3545 with the immediate support at 1.3521 (low Jun.13) ahead of 1.3512 (low Jun.12) and then 1.3503 (low Jun.5). On the flip side, a breakout of 1.3587 (high Jun.17) would open the door to 1.3590 (Tenkan Sen) and finally 1.3602 (high Jun.10).