EURO TESTING 1.1713 AFTER STRONG GERMAN CPI

The euro has bounced back towards the 1.1713 level, which was the former EURUSD 2015 price high, after German inflation data for the July came in better than expected, showing a monthly increase of 0.4 percent.

Traders now look to the release of United States second quarter GDP data to finish the trading week, with the EURUSD pair now trading firmly back above the crucial 1.1700 level.

Technical support for the EURUSD pair is found at the daily pivot point, at 1.1696, and the M30 time frame 100 period moving average, at 1.1680.

Below the M30 100 period moving average, the 1.1650 and 1.1628 levels offer strong downside support.

To the upside, a weekly and monthly price close above the 1.1713 level becomes the next bullish trading signal for the EURUSD.

Immediate resistance for the EURUSD pair above the 1.1713 region, is currently found at 1.1733 and 1.1755 levels.