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EUR/USD was awaken by the German inflation data and stocks

FXStreet (Moscow) - EUR/USD spent the Asian session within narrow 10-pip range, however, the European opening and the just released German CPI data helped the pair with fuel sending it to 1.3372 at the moment.

What kills the euro

The pair was killed by yesterday’s worse than expected ZEW data, not only because it was 8-month disappointment in a row, but also because the economic sentiment reached the lowest level since December, 2012 confirming that Germany may have big problems ahead. The just release CPI data showed 0.3% m/m, 0.8% y/y as expected, and for now no news is good news for the euro. Positive stock market open supported the 10-pip rise of the pair. Now the rumors on negative GDP data out of Germany are in place, and may push the pair down below the yearly lows. Another factor of pressure may come from the American side, as US Retail Sales report is on the agenda. The initial target to the downside may lie at 1.3341 followed by 1.3313 support.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3364, with support below at 1.3341, 1.3313 and 1.3290, with resistance above at 1.3392, 1.3415, and 1.3443. Hourly Moving Averages are mostly bearish, with the 200SMA bearish at 1.3386 and the daily 20EMA bearish at 1.3438. Hourly RSI is bearish at 48.

Germany: Annual inflation up 0.8% in July, as expected

According to data released today by Destatis, German annual inflation rose 0.8% in July, following 1.0% growth registered the previous month. This result is in line with analysts' forecasts. On a monthly basis German CPI increased 0.3% in July, after climbing 0.3% in June, as expected.
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GBP/USD advances with focus on UK data

The GBP/USD has advanced to fresh daily highs as the greenback recedes across the board at the beginning of the European session.
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