EUR/USD tests 1.3540

By FXstreet.com | Updated July 30, 2014 AAA

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).



You May Also Like

Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: Will Fed and Greek Elections Keep FX Volatility Boiling

  2. Forex News

    Dollar and S&P 500 Traders Hold Breath for Fed Decision

  3. Forex News

    Trading Video: EURUSD, EURJPY and EURGBP Ready for Greek Election

  4. Forex News

    Strategy Video: Euro Risks Are Not Extinguished by ECB Stimulus

  5. Forex News

    US Session Recap: Greenback profits taken off table

Trading Center