Much higher German Wholesale prices

Germany flag

Earlier this morning, June German Wholesale price index was released at +0.6% on month. It was expected at -0.6%. On a yearly basis, it was published at -3.3%, vs -4.3% expected. Tomorrow, June inflation rate will be expected at +0.9% on year.

From a technical point of view, on a daily chart, EUR/USD has validated a bullish flag and is supported by its rising 50-day moving average (in blue). Readers may therefore consider the potential for further rise above support at 1.1170. The nearest threshold would be set at June top at 1.1420 and a second one would be set at set at yearly high at 1.1495 in extension.

TradingView chart of Euro vs USD. Analysed in July 2020

Source: TradingView, GAIN Capital

Related tags: EUR Germany

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