EUR/USD tumbles further below 1.14 post-EMU’s CPI,

The selling pressure is now accelerating around the single currency, dragging EUR/USD to fresh daily lows in the vicinity of 1.1390.

EUR/USD weaker on data

The pair met fresh sellers after advanced inflation figures in the euro area for the month of June showed consumer prices are expected to rise at an annualized 1.3%, bettering initial estimates albeit a tad lower than May’s 1.4% gain.

In addition, consumer prices stripping food and energy costs are seen rising 1.1% over the last twelve months, surpassing both consensus and May’s reading.

The pair has come under some tepid downside pressure after being rejected from recent multi-month tops in the 1.1440 region, although the bullish stance remains intact. This view is reinforced by the recent performance of EUR futures markets, clearly pointing to an extension of the up trend, at least in the near term.

EUR/USD levels to watch

At the moment, the pair is retreating 0.38% at 1.1397 and a break below 1.1290 (low Jun.28) would open the door to 1.1253 (10-day sma) and then 1.1238 (20-day sma). On the other hand, the next up barrier is located at 1.1445 (2017 high Jun.29) seconded by 1.1466 (high Apr.12 2016) and finally 1.1616 (high May 3 2016).