EU flash reading CPI report came in at 1.2% in June, as widely expected by analyst’s. The core figure rises to 1.1% for June when compared to 1.0% forecasts and 0.8% previous figure.
Euro is trading higher on the news adding 0.14 percent to 1.1388. Traders now will turn the attention to US economic data later today and the news coming out from the G20 meeting in Osaka.
On the technical side, bulls are holding the bullish momentum that has build on dovish FED. The pair rejected at 1.14 mark earlier this week. Immediate resistance for the pair stands at 1.14, a break above can lead prices up to 1.1411 the high from Tuesday before an attempt to yearly high. On the downside the pair will find support at 1.1344 the 200 day moving average while more bids will emerge at 1.13 round figure. Traders closely watching the 1.1344 mark as a break below might cancel the recent positive scenario.Don’t miss a beat! Follow us on Twitter.