EUR/USD bounces off 2021 lows near 1.1570

EUR/USD trims losses and looks to 1.1600 on Thursday.
The greenback loses some traction after recent tops.
German flash inflation figures climb to highest since 1992.

Pablo Piovano FXStreet

After a brief test of new lows in the 1.1570/65 band, EUR/USD now manages to regain some composure and return to the boundaries of the 1.1600 mark.

EUR/USD remains under pressure

EUR/USD retreated to the area of 1.1570, where also lies the 200-week SMA and some initial support seems to have turned up.

The initial dip in spot came in response to another bull run in the greenback to fresh YTD highs around 94.50 when is measured by the US Dollar Index (DXY). The upbeat note in the dollar remains supported by higher US yields, which keep trading close to recent highs.

In the euro docket, consumer prices in Germany are seen rising 4.1% in a year to September, the highest level since 1992. Earlier, mixed results from the German labour market saw the jobless rate unchanged at 5.5% and the Unemployment Change missing consensus and dropping by 30K, also in September.

Data across the pond showed the US economy expanded 6.7% QoQ in the second quarter, while Initial Claims rose more than expected by 362K in the week to September 25.

EUR/USD levels to watch

So far, spot is losing 0.06% at 1.1589 and faces the next up barrier at 1.1755 (weekly high Sep.22) seconded by 1.1774 (55-day SMA) and finally 1.1845 (weekly high Sep.14). On the other hand, a break below 1.1568 (2021 low Sep.29) would target 1.1500 (round level) en route to 1.1495 (high Mar.9 2020).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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