Another macro data, another disappointment from Europe’s largest economy, the Germany Wholesale Price Index (year of year) came in at 0.3% below expectations of 1.3% for June. The Wholesale Price Index (month over month) came in at -0.5%, also missing forecasts of 0.2% in June.
EURUSD lost 5 pips on the news but I don’t expect to see significant impact on the pair price. I will start to be cautious only if the pair breaks below the 1.1254 level where the 200 hour moving average crosses. On the upside 1.1285 the high from yesterday is the first resistance, while a break above 1.13 will attract the bulls back in the game. The Eurozone May industrial production data due at 9:00GMT will provide some volatility to EURUSD, but as we are heading into the end of the trading week I don’t expect any major move for the pair.Don’t miss a beat! Follow us on Twitter.
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