EUR/USD finds support near the 1.1600 handle
|- The pair’s decline seems to have met contention near the 1.1600 handle.
- The upside momentum takes DXY to the boundaries of 95.00.
- BoE, US data coming in next in the calendar.
The continuation of the bid tone around the greenback has forced EUR/USD to recede towards the 1.1600 handle, where it seems to have found some support ffor the time being.
EUR/USD looks to data, trade
Concerns over the US-China trade dispute have been reignited after recent threats from President Trump to raise US tariffs to 25% from 10% on Chinese products worth $200 billion.
These jitters lent extra oxygen to the buck and collaborated with the pair’s decline to multi-day lows near 1.1600 the figure, where it is now looking to stage a rebound.
In addition, recent auspicious results from US Consumer Confidence tracked by the Conference Board and published on Wednesday also added to the greenback’s up move.
Later in the session, weekly Initial Claims are due along with June’s Factory Orders.
EUR/USD levels to watch
At the moment, the pair is down 0.34% at 1.1620 facing immediate support at 1.1608 (low Jul.27) followed by 1.1575 (low Jul.19) and then 1.1527 (low Jun.28). On the upside, a breakout of 1.1749 (high Jul.23) would open the door to 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14).
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