16 Jan 2015
EUR/USD steadies ahead of CPI data
The EUR/USD pair trades steady in Asia as investors await the final German and Eurozone CPI print for December.
The pair currently trades flat at 1.1631, after suffering a SNB driven sell-off yesterday. The Swiss National Bank’s decision to abandon the EUR/CHF floor at 1.2 triggered a massive sell-off in the pair that pushed EUR/USD lower to 1.1566 levels. However, the single currency managed to recover part of its losses to trade at the current level of 1.1631. Moreover, the SNB’s move ahead of the European central Bank’s (ECB) meet next week bolstered the case for a more aggressive bond buying program from the ECB than previously anticipated.
A weak German and Eurozone CPI print today shall further add to the speculation that the ECB would come out with a more aggressive program than earlier anticipated. Markets see German CPI at 0.2% year-on-year, while Eurozone CPI is seen at -0.2% year-on-year.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1644, above which the pair could test 5-DMA located at 1.1730 levels. Meanwhile, support is seen at 1.1598 and 1.1566 levels.
The pair currently trades flat at 1.1631, after suffering a SNB driven sell-off yesterday. The Swiss National Bank’s decision to abandon the EUR/CHF floor at 1.2 triggered a massive sell-off in the pair that pushed EUR/USD lower to 1.1566 levels. However, the single currency managed to recover part of its losses to trade at the current level of 1.1631. Moreover, the SNB’s move ahead of the European central Bank’s (ECB) meet next week bolstered the case for a more aggressive bond buying program from the ECB than previously anticipated.
A weak German and Eurozone CPI print today shall further add to the speculation that the ECB would come out with a more aggressive program than earlier anticipated. Markets see German CPI at 0.2% year-on-year, while Eurozone CPI is seen at -0.2% year-on-year.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1644, above which the pair could test 5-DMA located at 1.1730 levels. Meanwhile, support is seen at 1.1598 and 1.1566 levels.