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7 Jan 2015
EUR/USD steadies ahead of Euro Zone CPI
FXStreet (Mumbai) - The single currency steadied against the US dollar, moving away slightly from nine-year lows, as traders mull over negative impacts of an expected muted CPI print on the Euro.
Currently, the EUR/USD pair traded at 1.1865, down -0.21% on the day, having posted day’s high at 1.1896 levels. EUR/USD remains cautious ahead of Euro zone inflation reading, which is expected to print -0.1% on a yearly basis. If in line with expectations, it will be the first reading below zero since 2009 and will officially bring the euro zone into deflation. Fears of European Central Bank (ECB) action at its next meeting may also have a major imact on the currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.1851 (Today’s Low) levels, below which it could extend losses to 1.18 levels.
Currently, the EUR/USD pair traded at 1.1865, down -0.21% on the day, having posted day’s high at 1.1896 levels. EUR/USD remains cautious ahead of Euro zone inflation reading, which is expected to print -0.1% on a yearly basis. If in line with expectations, it will be the first reading below zero since 2009 and will officially bring the euro zone into deflation. Fears of European Central Bank (ECB) action at its next meeting may also have a major imact on the currency pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.1851 (Today’s Low) levels, below which it could extend losses to 1.18 levels.