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Forex News: Bullish Pressure Mounts Ahead of European CPI

Sep 29 2017, 02:58 AM (CDT) | Fxdailyinfo.com

EUR/USD

Forex News: The German Preliminary CPI came out as expected, showing a change of 0.1% and the United States Final GDP posted a change of 3.1%, slightly higher than the forecast 3.0%. However, the data wasn’t a strong market mover and the pair climbed mostly on technical reasons.

Bullish Pressure Mounts Ahead of European CPI 1

Technical Outlook

The Relative Strength Index and the Stochastic were oversold and price came very close to 1.1713 support. Also, the pair is still in an uptrend from a Daily chart perspective so all these reasons contributed to a bounce at support. The current move will likely retrace to re-test the level at 1.1775; if the level holds and turns into support, we will probably see an extended move north, with 1.1840 as first target. We don’t expect significant moves above 1.1840 unless surprising developments take place. If the pair moves below 1.1775, we expect a move into 1.1713 – 1.1700.

Fundamental Outlook

The European Flash Estimate Consumer Price Index will be today’s highlight for the Euro. This is the main gauge of inflation and usually has a high impact on the single currency, with higher numbers strengthening it. The time of release is 9:00 am GMT and the expected change is 1.6% compared to the previous 1.5%.

 

GBP/USD

Fxdailyinfo.com

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