EUR/USD remains firm around 1.2380, US CPI eyed

Spot keeps the solid pace this week.
EMU’s GDP figures next on tap.
US CPI, retail sales next on tap.

Pablo Piovano FXStreet

The rally in shared currency remains well and sound so far this week, with EUR/USD posting moderate gains in the 1.2380 region early in Euroland.

EUR/USD focused on US data

The pair is marching north for the third consecutive session so far on Wednesday, always against the backdrop of the persistent selling bias surrounding the greenback.

Spot, however, appears unable to sustain a breakout of the upper 1.2300s for the time being, although the upcoming releases of US inflation figures gauged by the CPI and retail sales for the month of January should shed some light regarding the near term direction.

Data wise in Euroland, advanced GDP figures for the fourth quarter are due along with December’s industrial production and the speech by ECB’s Y.Mersch.

EUR/USD levels to watch

At the moment, the pair is up 0.21% at 1.2378 and a breakout of 1.2393 (high Feb.14) would target 1.2524 (high Feb.1) en route to 1.2537 (2018 high Jan.25). On the flip side, the immediate support emerges at 1.2339 (21-day sma) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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