EUR/USD around 1.1130 ahead of Eurozone inflation

The common currency has accelerated its decline today, now dragging EUR/USD to fresh daily lows in the 1.1135/30 band.

EUR/USD now looks to EMU’s CPI

The selling bias remains well and sound around the pair today despite German Retail Sales have expanded more than expected during July, the unemployment has decreased by 7K and the jobless rate stayed unchanged at 6.1%.

Ahead in the session, EMU’s advanced CPI figures for the current month will keep the EUR under scrutiny ahead of US ADP report. Market consensus expects the US private sector to have created 175K jobs during last month, confirming the very good health of the US labour market.

EUR/USD levels to watch

The pair is now up 0.02% at 1.1142 facing the next hurdle at 1.1197 (2014-2016 resistance line) followed by 1.1367 (high Aug.18) and finally 1.1434 (high Jun.24). On the flip side, a break below 1.1128 (low Aug.30) would target 1.1121 (200-day sma) en route to 1.1043 (low Aug.5).