EUR/USD treads water near 1.1250, EZ CPI eyed

Having stalled its downslide near 5-DMA, the EUR/USD pair is seen trading around a flat-line below 1.1250 levels in early Europe.

EUR/USD awaits EZ CPI, BOE

Currently, EUR/USD trades modestly flat at 1.1244, after having faced rejection at 3-day highs reached near 1.1275. The main currency pair trades lack-lustre so far this Thursday, unable to find a clear direction amid ongoing USD consolidation, as markets remain expectant of fresh impetus from the upcoming crucial macro releases from the Eurozone as well as from the US in the day ahead.

The EUR/USD pair is seen divided between prevalent risk-off moods, which underpin the funding currency euro, and higher US treasury yields that continue to keep a check on the prices.

Moreover, the major may get influenced by the BOE rate decision due later in the European session, which is likely to have rub-off effect on the EUR. Data-wise, we have the Eurozone CPI and trade, while the retail sales, Philly Fed and industrial production data from the US will be also closely eyed.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1300 (round number). A break beyond the last, doors will open for a test of 1.1343 (Aug 28 high). On the flip side, the immediate support is placed at 1.1200 (round figure) below which 1.1175 (200 & 100-DMA) could be tested.