Eurozone Inflation Surges to 2.9% in July

Eurozone inflation ticked up to 2.9% in July, exceeding expectations, according to the flash estimate from the Eurostat. The core inflation rate also rose to 2.5%, surpassing the forecast of 2.4%. Energy prices were a major driver of price pressures, accelerating 10% from 8.5% in June.

Food, alcohol, and tobacco prices decelerated slightly, while services remained sticky at 3.3%. The technical analysis of the EURUSD chart shows that the currency maintains a strong bullish posture, consolidating above key moving averages. A decisive push above the 1.1530 resistance level is crucial for bulls to unlock further gains.