EUR/USD closed below 50-day MA yesterday, signaling the corrective rally from the recent low of 1.1508 has ended. Â The common currency could take a beating if US publishes an above-forecast CPI reading. Â The EUR/USD’s corrective rally faltered on Wednesday and the pair could revisit recent lows near 1.15 should the US inflation numbers, scheduled for release at 12:30 GMT, beat estimates. As of writing, the currency pair is trading at 1.1675 – down almost 1 percent from the weekly high of 1.1791 hit on Monday. The common currency fell back below the bearish (descending) 50-day moving average (MA) on Wednesday, signaling the corrective rally from the June 21 low of 1.1508 has ended. The retreat could be associated with the broad-based USD rally, triggered by a sharp rise in the USD/CNY and USD/JPY pair and stellar US producer price index (PPI) figure. Focus on inflation differential The German final CPI release, due at 06:00 GMT, is expected to confirm that cost of living, as represented by the consumer price index (CPI), rose 2.1 percent year-on-year in June. Meanwhile, across the pond, the CPI is expected to have risen 2.9 percent year-on-year in June. The core CPI has likely risen to 2.3 percent year-on-year from the previous month’s print of 2.2 percent. The EUR/USD pair could extend the decline further towards 1.16 if the inflation differential rises (US CPI beats estimates and German CPI is left unrevised or is revised lower) in the USD-positive manner. On the other hand, a below-forecast US CPI could put a bid under the EUR/USD pair. EUR/USD Technical Levels Resistance: 1.1721 (50-day moving average), 1.1791 (Monday’s high), 1.1852 (June 14 high). Support: 1.1665 (previous day’s low), 1.16 (psychological support), 1.1508 (June 21 low). Â FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum price analysis: ETH/USD supported by the trendline; Joseph Lubin says the community is focused on development, not price FX Street 4 years EUR/USD closed below 50-day MA yesterday, signaling the corrective rally from the recent low of 1.1508 has ended. Â The common currency could take a beating if US publishes an above-forecast CPI reading. Â The EUR/USD's corrective rally faltered on Wednesday and the pair could revisit recent lows near 1.15 should the US inflation numbers, scheduled for release at 12:30 GMT, beat estimates. As of writing, the currency pair is trading at 1.1675 - down almost 1 percent from the weekly high of 1.1791 hit on Monday. The common currency fell back below the bearish (descending) 50-day moving average (MA)… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.