The Eurozone inflation came out weaker than expected. On a year-over-year basis, headline inflation grew by 0.8% in September. This was below the estimate of a 0.9% increase. Core inflation was seen rising by 1.0%, matching estimates. The euro was muted to the data.

EUR/USD Short-term Rally Remains Strong

The euro currency was seen recovering from the consolidation. Price action was seen at the 1.1030 level. The gains put EURUSD on track to test the upper resistance level of 1.1091. A retest of this level will keep the currency pair within the range. A breakout above 1.1091 will see prices testing to 1.1140.

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