German inflation in line with expectations

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Earlier this morning, July German Inflation rate (final estimation) was released at -0.1% on year, as expected. It was published at -0.5% on month. Yesterday, official data showed that U.S. Core Consumer Prices rose 0.6% on month in July, the largest gain since 1991.

From a technical point of view, on a 30-min, EUR/USD remains on the upside and is supported by a rising trend line and by its rising 50-period moving average (in blue). Readers may therefore consider the potential for further rise above support at 1.1775. The nearest threshold would be set at horizontal resistance at 1.1835 and a second one would be set at previous overlap at 1.1850 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex EUR

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