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Euro Area core inflation above estiamtes! EURUSD under key resistance!
11:00 CET, Euro Area, inflation data for July:
- Eurozone Core CPI YoY Flash Actual 2.5% (Forecast 2.4%, Previous 2.4%)
- Eurozone CPI YoY Flash Actual 2.9% (Forecast 2.9%, Previous 2.8%)
Inflation dynamics in the key sectors. Source: Eurostat Euro Area inflation ticked up from 2.8% in June to 2.9% YoY in July, according to the flash estimate from the Eurostat. Energy is the main driver of price pressures in Europe, accelrating 10% from 8,5% previous month. Food, alcohol and tobacco is the only category that decelerated (from 1.5% to 1.2%). Services remain sticky at 3.3% (previously at 3.2%).
Technical Analysis: EURUSD (H1)
After correcting slighlty from a recent peak, EURUSD on the H1 chart maintains a strong bullish posture following a sharp breakout, consolidating near 1.1516 above key moving averages (10-EMA at 1.1515 and 30-EMA at 1.1498). The RSI at 58.3 reflects solid, sustainable upward momentum. A decisive push above the 1.1530 resistance level is crucial for bulls to unlock further gains. Conversely, a pullback below 1.1500 could trigger a retest of the 0.0% Fibonacci support at 1.1483, followed by the 100-EMA near 1.1447.
Source: xStation5
