EUR/USD Current Price: 1.1159

  • ECB's Draghi scheduled to speak Wednesday, but attention shifts to FOMC Minutes.
  • Dollar supported by Fed's Powell pouring cold water on speculation related to rate cuts.

The shared currency maintains the harsh tone against its American rival, having failed to preserve intraday gains. The EUR/USD pair jumped to a daily high of 1.1184, getting a temporary boost from  Pound's strength, this last jumping on news that UK PM Theresa May was offering a new Brexit deal and allowing Parliament to decide on a second referendum. The pair, however, quickly trimmed gains and return to its comfort zone in the 1.1150/60 price zone, where it stands ahead of the Asian opening.  Data released this Tuesday also played in favor of a recovery, as EU's May preliminary Consumer Confidence improved by more than anticipated, coming in at -6.5 vs. the previous -7.9 and the expected -7.6, while the US Existing Home Sales declined in April by 0.4% against an expected 2.7% gain. Dollar's strength was the result of comments from US Fed's Chief Powell, who cooled down expectations of an upcoming rate cut in the US in a speech offered late Monday.

Wednesday's macroeconomic calendar will include a speech from ECB's Draghi and the release of the latest FOMC Meeting's Minutes. This last could pass unnoticed after the most recent words from Powell and the already digested 'patient' stance of US policymakers.

The EUR/USD pair retains the bearish stance according to intraday technical readings, as it was unable to recover above a critical Fibonacci level, the 61.8% retracement of the latest daily advance in the 1.1170 price zone. Furthermore, the 4 hours chart shows that the pair remains below a bearish 20 SMA which stands just below the mentioned Fibonacci resistance and below the larger ones. Technical indicators in this last time frame have recovered modestly within negative levels, lacking sufficient strength to suggest a bullish continuation.

Support levels:  1.1145 1.1110 1.1080                                                                                  

Resistance levels: 1.1190 1.1220 1.1245

View Live Chart for the EUR/USD

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