EUR/USD edges higher after US CPI

EUR/USD bounced from daily lows back above the 1.1000 level as the dollar softened following the release of US consumer price index data.

US data showed CPI rose 0.3% in September and 1.5% YoY, its  largest 12-month increase since October 2014, both matching expectations. The core CPI, which excludes, volatile categories such as food and energy, rose 0.1% in September and 2.2% YoY, slightly below the 2.3% expected.

EUR/USD climbed to the 1.1015 area but lacked momentum. It was last trading around 1.1005, virtually unchanged on the day.

There were no economic releases in Europe. On Thursday, the ECB will decide on monetary policy, but no changes are expected at this meeting. Further US data will see the NAHB index followed by TIC Flows during August and the weekly report on crude stockpiles by the API.

EUR/USD levels to watch

In terms of technical levels, immediate supports are seen at 1.0960 (Jul 27 low), 1.0911 (Jun 24 low) and 1.0821 (Mar 10 low). On the flip side, resistances line up at 1.1025 (Oct 18 high), 1.1067/75 (Oct 12 high/10-day SMA), 1.1141 (Oct 11 high) and then 1.1170/72 (100-day SMA/200-day SMA).

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