EUR / USD under pressure near 1.1560

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  • EUR / USD loses momentum and falls back to the 1.1560 region.
  • The final German CPI for October stood at 0.5% monthly and 4.5% annually.
  • The US inflation figures will take center stage in the American session.

The common currency leaves behind the recent rise and causes the EUR/USD It fell to 2-day lows at 1.1557 on Wednesday.

EUR / USD pending US data.

EUR / USD is trading defensively for the first time after three consecutive daily gains, failing once again in the vicinity of 1.1600, as bullish attempts have lacked conviction for the time being.

The greenback, meanwhile, manages to regain some traction to the upside following the improvement in US yields.

On the economic calendar, the final inflation figures for October in Germany were published at the European opening, showing that the CPI rose 0.5% monthly and 4.5% annually.

On inflation, market participants are expected to closely follow the release of the US CPI figures for the month of October. In addition, weekly unemployment claims will be released, as well as wholesale inventory figures.

EUR / USD Levels

At time of writing, the pair is down 0.21% at 1.1568 and is facing the next barrier to the upside at 1.1616 (monthly high of November 4), followed by 1.1675 (55-day SMA) and finally 1.1692 (monthly maximum of October 28).

On the other hand, a break below 1.1513 (2021 minimum reached on November 5) would target 1.1495 (March 9, 2020 high) en route to 1.1422 (June 10, 2020 maximum).

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