EUR/USD: Support stands in the 1.0760 price zone

Germany’s inflation held steady at 0.8% YoY in April while the EUR/USD pair is under selling pressure this Tuesday, trading below the 1.0800 level, FXSTreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“Germany published its April inflation figures, with the monthly CPI rising by 0.4%, and the annual reading printing at 0.8%, both meeting the market’s expectations. The Wholesale Price Index, however, plunged, down by 3.5% when compared to a year earlier.” 

“The US has just released Initial Jobless Claims for the week ended May 8, which resulted at 2.98 million, worse than the 2.5 million expected.” 

“EUR/USD is at the lower end of its latest range and further slides are expected once below 1.0760.” 

“Technical indicators have turned south, the Momentum crossing its midline and the RSI heading firmly lower at around 38, in line with further declines ahead.”