Eurozone Inflation Surges Above Estimates as Energy Prices Accelerate
The Eurozone inflation rate rose to 2.9% in July, exceeding forecasts and marking an increase from 2.8% in June. According to data from Eurostat, energy prices accelerated by 10%, becoming the primary driver of price pressures in Europe. The only category that experienced a deceleration was food, alcohol, and tobacco, which dropped to 1.2%. Services remained sticky at 3.3%.
The Technical Analysis of EURUSD on the H1 chart indicates a strong bullish posture after a recent peak correction. The currency is consolidating near 1.1516 above key moving averages (10-EMA at 1.1515 and 30-EMA at 1.1498). A decisive push above the 1.1530 resistance level is crucial for bulls to unlock further gains, while a pullback below 1.1500 could trigger a retest of the 0.0% Fibonacci support at 1.1483.