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EUR/USD Price Unmoved on Euro-Zone Inflation Data Release

EUR/USD Price Unmoved on Euro-Zone Inflation Data Release

Nick Cawley, Strategist

EUR/USD Price Forecast, Analysis and Chart:

  • Euro-Zone CPI rises to 1.3% from 1.0%, core CPI remains unchanged.
  • EUR/USD little changed and stuck in a tight range.

EUR/USD Outlook – Monday’s Range Holds Sway

The latest look at price pressures in the Euro-Zone showed inflation picking up to 1.3% in December from 1.0%, while core inflation remained unchanged at 1.3%. Other data released showed a strong month-on-month pick-up in retail sales in December to 1.0% from a prior -0.3%. While both releases should provide support for the single currency, EUR/USD is little changed on the session so far and is stuck inside yesterday’s bullish candle.

The EUR/USD daily chart shows support at 1.1156 and 1.1128, the 200-day moving average, while the recent multi-month high at 1.1240 may prove difficult to break without a strong driver. Range trading is expected over the near-term.

EUR/USD Daily Price Chart (January 2019 – January 7, 2020)

EURUSD daily price chart

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the Euro and the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.