While running successfully on the forward track, today is the second day when the Euro fell against the US dollar with a price below 1.2100.

Amid the unfavorable data of Germany, this fall might happen which broke the forward momentum of the EUR/USD currency pair.

Yesterday, the CESifo Group released the figure of Current Assessment, which according to FXStreet.com report, it remained 94.1 this month, it downbeat the expectation of economists who had assumed that it would be 94.4.

The IFO Current Assessment is closely watched in Germany as a leading indicator of current conditions and company aspirations. The Institute polls over 7,000 businesses about their perceptions of the business environment and short-term plans. Good economic growth predicts bullish EUR swings, while a low reading is negative (or bearish).

Perhaps, there is the hope the EUR/USD pair might gain its strength because the Consumer Price Index (CPI) is going to release.

Eurostat is scheduled to release figures for the European CPI on April 30, 2021. According to FXStreet.com economists, the CPI data might register a reading of 1.6% in April this year, as compared to the 1.3%, in the same month the year before. 

The European CPI news reflects the change of prices of retail products, including goods and services selected from representative shopping baskets of different sizes of stores on a sampling basis. The CPI is a significant indicator to estimate possible purchasing trends and inflation rates in the coming days within the Eurozone. Generally speaking, a high CPI reading suggests a bullish trend for the EUR/USD pair and vice versa.

Conclusion 

Given the pair’s recent price movements, buying the pair at about 1.2045 could be a better short-term choice.