German July PPI above expectations

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By :  ,  Financial Analyst

German July PPI above expectations

Earlier this morning, German July PPI was released at +0.2%, above +0.1% expected. On a yearly basis, PPI was published at -1.7%, vs -1.8% expected. Tomorrow, August PMIs will be released.

From a technical point of view, on a 30-min chart, EUR/USD is under pressure and is capped by its declining 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.1865. The nearest threshold would be set at horizontal support at 1.1810 and a second one would be set at Aug. 14 bottom at 1.1780 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex Germany

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