EUR/USD extended its Draghi-driven rally and reached a peak at 1.1435. This is the highest level in over a year, above the Brexit day high. From there, the pair slipped back and is “hugging” the 1.14 level. The euro probably needs to take a breather and is undergoing some profit taking. Another Another reason is a small beat on US GDP: 1.4% annualized against 1.2% previously reported. The annualized growth rate in the euro-zone was 2.3% in Q1, significantly higher. EUR/USD what’s next? The central bank Festival in Portugal is behind us and so is Yellen’s highly anticipated speech. The focus now shifts to the data. In the euro-zone, the next big release is inflation data. On Friday at 9:00 GMT we get the preliminary publication of price development in the euro-zone. Official expectations stand at a drop of headline CPI from 1.4% to 1.2% and a rise of core CPI from 0.9% to 1%. We have already received some preliminary data from Spain and Germany. Spain saw a drop from 1.9% to 1.5%. However, Germany saw a rise to 1.6%, better than expected. Germany is a bigger country than Spain. Does this imply a positive surprise? We will still get the French number on Friday morning. If the figures, especially core inflation, come out above expectations, we can expect the rally to resume. The ECB has a “single needle in its compass”: inflation. A rise could support the announcement about QE tapering. EUR/USD levels 1.1425 still works as resistance. The break has not been confirmed. Above this level, we are already looking at the round number of 1.15, which is seen as a limit by some analysts. Even higher, the levels to watch are 1.1620 and 1.1710, the highs of 2016 and 2015 respectively. To the downside, we find 1.1390, the most recent low, followed by 1.13 which the pair had a tough time to break. More: EUR/USD: 3 Reasons Why Gains To Be Capped At 1.15 N-Term – Credit Suisse Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next USD/CAD dips under 1.30 – can it confirm the break? Yohay Elam 6 years EUR/USD extended its Draghi-driven rally and reached a peak at 1.1435. This is the highest level in over a year, above the Brexit day high. From there, the pair slipped back and is "hugging" the 1.14 level. The euro probably needs to take a breather and is undergoing some profit taking. Another Another reason is a small beat on US GDP: 1.4% annualized against 1.2% previously reported. The annualized growth rate in the euro-zone was 2.3% in Q1, significantly higher. EUR/USD what's next? The central bank Festival in Portugal is behind us and so is Yellen's highly anticipated speech. The… Regulated 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.