The final Eurozone CPI for November was revised down to 2.2%, from the preliminary 2.3%. Core inflation was left unchanged at 2.7%. The Euro (EUR) is virtually flat on the day and ignored the data as tight range trading extended for another day, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

EUR is flat, technicals point lower

“The EUR is holding a tight trading range below 1.0550 but the technical undertone for spot remains soft following the early December rejection of 1.06+ levels. Trend strength oscillators are aligned bearishly for the EUR across the intraday, daily and weekly DMIs.”

“EUR weakness below 1.0480 is likely to drive more losses in the short run towards 1.04. Resistance is 1.0525 and 1.0550.”