Inflation data for the eurozone showed that consumer prices edged higher. The headline inflation rate rose 1.3% on the year, beating estimates of a 1.2% increase.
The core inflation rate also nudged higher, rising 1.1%. Meanwhile, the European Parliament confirmed the appointment of Ursula Von der Leyen as the next Chairman of the European Commission, while Christine Lagarde was formally nominated as the next ECB Chairperson.
EURUSD Pares Losses, but Trades Flat
The currency pair recovered from the losses set earlier this week. However, price action continues to trade flat as the pair approaches the support/resistance level of 1.1250. With the new range formed between 1.1250 and 1.1188, we expect price to breakout from this range to establish further direction.
