The single currency has quickly left behind the initial weakness and is now lifting EUR/USD to fresh tops near 1.0950.
EUR/USD boosted by CPI
The pair met increasing buying interest after inflation figures in the euro region are expected to rise at an annualized 1.9% during April, surpassing initial estimates for a 1.8% rise and up from March’s 1.5% advance. Core prices are also seen rising above expectations 1.2%, up from the 0.7% gain from the previous month.
Spot stays underpinned by the now renewed offered bias surrounding the greenback, which is currently testing lows in the 98.60 region when tracked by the US Dollar Index.
EUR/USD levels to watch
At the moment, the pair is gaining 0.61% at 1.0939 and a break above 1.0945 (high Apr.28) would target 1.0951 (2017 high Apr.25/26) en route to 1.1000 (psychological handle). On the downside, the immediate support aligns at 1.0850 (low Apr.27) seconded by 1.0833 (200-day sma) and finally 1.0805 (23.6% Fibo of the April rally).