EUR/USD attempts a rebound to 1.1180 on US CPI

The shared currency remains entrenched in the negative territory today, with EUR/USD now testing the 1.1180/85 band.

EUR/USD shows signs of life after US releases

The pair’s decline seems to have halted around the 1.1170 area after US inflation figures measured by the CPI have disappointed expectations today. Consumer prices rose 0.2% inter-month and 1.0% on a year to May vs. 0.3% and 1.1% initially forecasted, respectively.

Prices excluding Food and Energy rose 0.2% MoM and 2.2% over the last twelve months, matching estimates.

Further data saw Initial Claims at 277K during the week ended on June 11 and the Pjilly Fed Manufacturing Index surpassed estimates at 4.7 for the month of June.

EUR/USD levels to watch

The pair is now losing 0.71% at 1.1180 and a break below 1.1164 (up trend from March low) would expose 1.1101 (200-day sma) and then 1.1096 (low May 30). On the other hand, the initial up barrier aligns at 1.1312 (55-day sma) ahead of 1.1417 (high Jun.8) and finally 1.1448 (high May 11).