EUR/USD Modestly Higher Following CPI Data

Frankfurt (June 16)  EUR/USD traded higher into the release of Eurozone CPI data and the pair is currently following through to the upside, trading at 1.1172, a gain of 0.24% over Thursday’s North American close.

The final Eurozone CPI inflation reading was confirmed at 1.4% for May, which was unchanged from the flash reading and also in line with consensus forecasts.

As a result of today’s advance, EUR/USD is testing the midpoint of Thursday’s long red candle on the daily chart. On a follow though advance, the next resistance is at 1.1200.

With the Stochastic at an oversold level and in position to produce a buy signal, the bias in today’s trading is to the upside.

At 08:30 ET today, US housing starts and building permits will be reported. This will be followed by the University of Michigan Consumer Sentiment Index for June at 10:00 ET.

Source: EconomicCalendar