The Euro breaks above the 1.16681 resistance level after the release of the positive Germany Harmonised Index of Consumer Prices. The year on year figure matched the consensus estimate of 2.1%. After the break above the 1.16681, the Euro rose all the way towards 1.17250 supported by the weakness in the greenback due to the drop in U.S Treasury yields. For today, the market awaits the release of the Eurozone employment figures and the CPI figures. A positive outcome will help the Euro continue its short-term rally.
The Euro broke above the 1.16681 resistance level and rose towards the next resistance zone at 1.17200. Adding to the momentum, the pair broke above both the 50-period moving average and the 200-period moving average.
Support: 1.16681 1.16480
Resistance: 1.17517 1.17914