The euro eased back as the greenback rose on the day. But overall the common currency remains trading flat. Economic data from the eurozone confirmed that Germany’s final inflation figures rose 0.5% on the month. This was inline with the preliminary/flash CPI estimates.
EUR/USD Continues to Maintain the Sideways Range
EURUSD has been trading within the established corridor of 1.1250 and 1.1185. The tight range has led to a consolidation, which could see a breakout in the short term. The bias remains mixed at the moment. To the downside, the lower support at 1.1140 remains the key price level, while to the upside, EURUSD will need to break past 1.1250 in order to confirm the upside to 1.1340.
