EUR/USD around 1.1400 on German data
- The pair navigates the area around the 1.1400 handle.
- German July’s final CPI rose 0.3% MoM and 2.0% YoY.
- Advanced German Q2 GDP came in at 0.5% QoQ.
The single currency alternates gains with losses on Tuesday, taking EUR/USD to the 1.1400 region in the wake of German data releases.
EUR/USD looks to ZEW, EMU data
The pair managed to rebound from 13-month lows in the 1.1360 region on Monday although it still remains under pressure amidst heightened uncertainty around the Turkish Lira and its impact on the broader EM FX space.
EUR remained apathetic after German final inflation figures showed the CPI rose 0.3% MoM in July and 2.0% over the last twelve months. The broader HICP came in at 0.4% and 2.1%, matching the preliminary readings.
Still in Germany, the advanced GDP figures showed the economy is seen expanding 0.5% QoQ and 2.3% on a yearly basis during Q2.
On the USD-side, the greenback stays close to the area of 2018 highs near 96.50, always underpinned by the risk-off mood and the unabated effervescence around the US-China trade dispute.
Later in the morning, German/EMU ZEW survey is due seconded by flash EMU’s GDP and Industrial Production figures.
EUR/USD levels to watch
At the moment, the pair is down 0.04% at 1.1405 facing the next support at 1.1365 (2018 low Aug.13) seconded by 1.1312 (low Jul.5 2017) and then 1.1300 (psychological level). On the upside, a breakout of 1.1532 (10-day SMA) would aim for 1.1609 (21-day SMA) and finally 1.1629 (high Aug.8).