EURUSD weakens as German CPI disappoints, paving the way for EU CPI data tomorrow ...Middle East

The German preliminary CPI data released today was weaker than anticipated, showing a -0.4% decline compared to the expected -0.1%. On a year-on-year basis, it stood at 3.2%, lower than the forecasted 3.5%. This outcome could positively influence the upcoming CPI data from the EU and has contributed to a softer EURUSD in today's trading.From a technical perspective, the currency pair experienced a notable movement yesterday. It broke above the key 61.8% Fibonacci retracement level of the downward move from the July high, which is at 1.09589. It also surpassed a significant swing area between 1.0944 and 1.0964. Following the CPI announcement, this area is now being retested. Earlier in the se

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EURUSD weakens as German CPI disappoints, paving the way for EU CPI data tomorrow ...Middle East

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