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27 Feb 2014
EUR/USD steady after German CPI
FXStreet (Córdoba) - The EUR/USD remained little changed near daily lows after data showed German consumer prices rose less than expected in February.
A preliminary reading of the German CPI grew 0.5% in February versus 0.6% expected and 1.2% YoY versus 1.3% forecast, adding to concerns about deflationary pressures in the Eurozone. However, the EUR/USD was barely affected by the data, as main focus remains in Ukraine/Russia tensions, and continues to consolidate losses at the 1.3650/60 zone.
EUR/USD technical outlook
"Yesterday's sharp sell-off from 1.3756 broke through 1.3680 crucial support, signaling a reversal at 1.3772", said Stoyan Mihaylov, analyst at DeltaStock.com. "The intraday bias is negative below 1.3710, for a slide towards next major support around 1.3550".
A preliminary reading of the German CPI grew 0.5% in February versus 0.6% expected and 1.2% YoY versus 1.3% forecast, adding to concerns about deflationary pressures in the Eurozone. However, the EUR/USD was barely affected by the data, as main focus remains in Ukraine/Russia tensions, and continues to consolidate losses at the 1.3650/60 zone.
EUR/USD technical outlook
"Yesterday's sharp sell-off from 1.3756 broke through 1.3680 crucial support, signaling a reversal at 1.3772", said Stoyan Mihaylov, analyst at DeltaStock.com. "The intraday bias is negative below 1.3710, for a slide towards next major support around 1.3550".