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Euro buoyant ahead of key inflation data
EUR/USD is trading at $1.1299, down 0.21% after failing to breach its 50-hour moving average at $1.1336 – an area likely to the continue to act as topside resistance over the near term which, when coupled with a contractionary reading of 37, is likely to see a continued move lower bringing $1.1186 into play.
Key downside support is placed at the $1.1291 level, which if held – as it has previously done on multiple occasions – could lead to a retest of the pair’s 50-hour MA.
Euro pairs are likely to remain relatively buoyant ahead of German inflation data – scheduled for release on Thursday – which is expected to come in at -1.0%, unchanged month on month.