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EUR/USD hits new session highs near 1.1370 on CPI

11:23 31 March /2016 Forex

Fresh bids emerged for the EUR/USD pair at 1.1350 levels following the release of Euro zone flash CPI estimate, resending the prices towards 1.14 handle.

EUR/USD: 1.1400 still on sight?

Currently, EUR/USD trades 0.20% higher at 1.1362, flirting with fresh session highs posted at 1.1368 last minutes. The main currency pair dropped to test 1.1350 in a knee-jerk reaction to the CPI report, which revealed that the 19-nation bloc remained in deflation this month. However, the bulls regained ground and climbed higher, as the downward pressure on the Euro zone consumer prices eased a bit, the flash CPI data showed.

On annualized basis, EZ CPI dropped -0.1%, above last month's 0.2% decline, in line with the estimated -0.1%. Core CPI, excluding food, energy, alcohol and tobacco, accelerated to 1% from February's 0.8%, beating the estimated 0.9% growth.

With the German retail sales and EZ CPI out of the way, markets now remain focused on the US unemployment claims report and regional PMI data for further incentives. While Fed official Dudley™s speech will be closely heard, particularly after Yellen™s dovish tone on the monetary policy outlook.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1400 (round number). A break beyond the last, doors will open for a test of 1.1450/60 (Oct 2015 levels/ daily R3). On the flip side, the immediate support is placed at 1.1330/26 (1h 20-SMA/ daily pivot) below which at 1.1293/86 (1h 50-SMA/ daily S1) could be tested.

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