FX.co ★ EUR/USD analysis for July 31 2020 - Bearish engulfing on the 4H time-frame and poential for the downside rotation towards 1.1800

News:

Prior +0.3%

• Core CPI +1.2% vs +0.8% y/y expected
• Prior +0.8%

Euro area inflation unexpectedly comes in at a beat and that is welcome news for policymakers for the time being. The bigger question of whether or not price pressures can improve amid the fallout from the virus crisis still remains but at least there is some positive takeaway in terms of data from Europe today after the doom and gloom Q2 GDP reports.