The common currency is seen consolidating near the lows. After slipping to 1.1101, the EURUSD currency pair has been attempting to post a bottom. Germany’s flash inflation estimates were positive. For July, headline CPI was seen rising 1.7%, advancing from 1.6% in June. The eurozone’s flash inflation estimates are due today. Forecasts point to a slower increase in consumer prices.
EURUSD Could Bounce Higher
The consolidation near the 1.1140 level of support is showing signs that the currency pair is preparing for a short term correction to the upside. The resistance level of 1.1250 remains the key challenge to the upside. As long as this resistance level is not breached, the currency pair is biased to the downside.
