EUR/USD ANALYSIS
- German CPI – ACT: 5.1%; EST: 5.1%
GERMAN CPI TICKS HIGHER
German inflation figures came in line with expectations with significant advances from the energy component of the measure. With geopolitics fueling rising oil prices, inflation for the reliant Euro zone is likely to remain elevated.
Source: DSTATIS
Source: DailyFX Economic Calendar
Initial strength from the Euro followed the release giving EUR/USD bulls much needed respite after the dollar dominated much of the days price action. Regardless, the pair remains under pressure as long as the Russia/Ukraine situation persists.
TECHNICAL ANALYSIS
EUR/USD DAILY CHART
Chart prepared by Warren Venketas, IG
Resistance levels:
- 1.1300
- 1.1222
Support levels:
- 1.1500
- 1.1100
CAUTIOUS IG CLIENT SENTIMENT DATA
IGCS shows retail traders are currently LONG on EUR/USD, with 62% of traders currently holding long positions (as of this writing). At DailyFX we typically take a contrarian view to crowd sentiment however, recent changes in long and short positions results in a mixed outlook.
Contact and follow Warren on Twitter: @WVenketas
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