EUR/USD recovers after CPI

Source: Dukascopy Bank SA


The EUR/USD dropped from 1.0800 down to 1.0700 due to the release of the United States Consumer Price Index. The higher than expected inflation caused a strengthening of the US Dollar. However, by the end of Thursday's trading, the pair had almost recovered to 1.0800.

A surge above 1.0800 mark and the zone that surrounds it could encounter resistance in the weekly R1 simple pivot point at 1.0810. Higher above, note the weekly R2 at 1.0839.

On the other hand, a decline of the Euro against the US Dollar might look for support in the 100 and 200-hour simple moving averages that have acted as support on Thursday. Below the moving averages note the 1.0720/1.0740 range and the weekly S1 simple pivot point, and the 50-hour simple moving averages. Further below, the 1.0700 mark could once again impact the pair.
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