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27 Feb 2015
EUR/USD awaits German CPI data
FXStreet (Mumbai) - The EUR/USD pair is struggling to extend gains above 1.1210 as investors await the preliminary German CPI reading for February. The recovery from the low of 1.1182 seen in the previous session halted at 1.1214. The pair now trades at 1.1207.
EUR/USD: Hovers above key Fibo level
The pair is holding above the 76.4% Fib retracement level of the uptrend from 1.1096 (Jan. 25 low) to 1.1532 (Feb. 3 high) located at 1.1198. The German import price index released today failed to have any impact on the pair. Moreover, markets remained focused on the German preliminary CPI reading for February. Economists expect CPI to fall 0.3% year-on-year; a slight improvement from the previous month’s fall of 0.4%.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.1263, above which gains could be extended to 1.1313 levels. On the flip side, support is seen at 1.1198 and 1.1150 levels.
EUR/USD: Hovers above key Fibo level
The pair is holding above the 76.4% Fib retracement level of the uptrend from 1.1096 (Jan. 25 low) to 1.1532 (Feb. 3 high) located at 1.1198. The German import price index released today failed to have any impact on the pair. Moreover, markets remained focused on the German preliminary CPI reading for February. Economists expect CPI to fall 0.3% year-on-year; a slight improvement from the previous month’s fall of 0.4%.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.1263, above which gains could be extended to 1.1313 levels. On the flip side, support is seen at 1.1198 and 1.1150 levels.