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The European currency began its downward correction after an unsuccessful attempt to update yesterday's high in the resistance area of 1.1340. As expected, sellers returned to the market from this level, and inflation reports in Germany and Italy did not support risky assets.
In general, the inflation rates in Germany in February remained fairly stable, however, this is not enough for changing investor sentiment.
According to the report of the Federal Bureau of Statistics of Germany, compared with January of this year, the consumer price index rose by 0.4%, which fully coincided with the forecasts of economists. On an annualized basis, inflation showed an increase of 1.6%, which is slightly above forecasts. The main growth was again associated with energy, where prices rose by 2.9% over the same period last year. Food prices showed a 1.4% increase.
Harmonized by EU standards, annual inflation in Germany in February of this year was at the level of 1.7%.
In the afternoon, the US dollar continued to strengthen against the euro against the background of the report on inflation in the United States, where the prices of goods imported into the United States rose in February of this year.
According to the US Department of Commerce, import prices in February 2019 increased by 0.6% compared with the previous month. Economists had expected import prices to rise by 0.4%. Compared with the same period last year, import prices in February fell by 1.3%.
As for the labor market, everything is in order. Today's report showed that the number of Americans applying for unemployment benefits rose last week, but remained at a low level.
According to the US Department of Labor, the number of initial claims for unemployment benefits rose from 6, 000 to 229,000. Economists had expected 224,000 applications last week.
As for the technical picture of the EURUSD pair, growth is limited by the large resistance level of 1.1340, and only its breakthrough will return the euro to the market of new buyers, which will lead to an update of the highs around 1.1370 and 1.1410. As long as pressure on the euro persists, bulls can be expected to return after lowering and testing minima in the 1.1275 and 1.1250 areas.
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