The latest flash estimates from Germany saw consumer prices rising on a month over month basis. But overall, on a yearly basis, German inflation was steady. Data from Destatis showed that headline CPI grew 0.4% on the month. This put the year over year inflation at 1.7%. This was the same pace of increase as in January and the highest since July last year.
EUR/USD Comfortable at a Three-Week High
The EURUSD currency pair closed with bullish gains on Friday. Price action hit a three-week high before settling above the support area of 1.1000. The next upside target is the resistance area of 1.1100 and 1.1072. A breakout above this level could trigger further gains. But if the breakout fails, watch for a possible cup and handle pattern forming.
