EUR/USD still unable to recover, around 1.1170

The single currency is extending its bearish note on Tuesday, now taking EUR/USD to the area of 1.1170, closer to yesterday’s lows in the mid-1.1100s.

EUR/USD attention to German CPI

The pair is losing ground since Friday, giving away more than 2 cents since last week’s tops in the vicinity of 1.1370 amidst a solid pick up in the demand for the greenback.

In fact, speculations on the possibility that the Fed could hike rates at its meeting next month have gathered traction following the speech by Chair Yellen at Jackson Hole, all supporting further the upside momentum in USD.

On the data front, advanced German inflation figures tracked by the CPI for the month of August are due later, while the S&P/Case-Shiller index is only due across the pond.

EUR/USD levels to watch

The pair is now losing 0.16% at 1.1170 and a breakdown of 1.1156 (low Aug.29) would target 1.1119 (200-day sma) en route to 1.1043 (low Aug.5). On the other hand, the next up barrier aligns at 1.1204 (2014-2016 resistance line) followed by 1.1367 (high Aug.18) and finally 1.1434 (high Jun.24).