21 Apr EUR / USD remains in the middle of the 1.2000 loss after Eurozone CPI
Eurozone CPI falls to 1.4% (year)
Core CPI better than expected, but EUR does not rise
Focus shifts to US NFP
The common currency remains weak against its US counterpart, with EUR / USD trading in the middle of 1.2000 after the Eurozone CPI.
The downward correction from the supply zone of 1.2080-90 (2017 high for the year) came to a standstill. There was no major reaction to the release of the Eurozone Flash CPI.
As expected, the Flash CPI fell to 1.4% in December from the previous year. However, core inflation was better than expected at 1.1% yoy, providing little support to the single currency.
Now that the eurozone data has been released, traders are preparing for the important monthly US employment report (NFP).
Supports are at the psychological mark of 1.20 and 1.1945-40. On the other side are resistors at 1.2080-90 and 1.2165.