EUR/USD bounces off lows, back around 1.1860

Pablo Piovano FXStreet

After dropping to fresh session lows in the 1.1850 area on Thursday, EUR/USD has managed to regain traction and re-test the 1.18600/65 band.

EUR/USD looks to USTs, EUR/GBP

The pair is now exchanging gains with losses in the 1.1860 area after the greenback met some buyers around daily lows, while the sharp upside in EUR/GBP is also collaborating with the upbeat momentum amidst renewed weakness hurting the British Pound.

In the meantime, the performance of yields in the US money markets stay as the almost exclusive driver behind the price action, with the 10-year reference remaining unable to gain important traction in lows around 2.33/32%.

In the data space, US producer prices are next on tap along with initial claims and speeches by FOMC’s permanent voters L.Brainard (mega-dovish) and J.Powell (centrist/dovish).

EUR/USD levels to watch

At the moment, the pair is up 0.01% at 1.1859 and faces the initial resistance at 1.1911 (high Aug.2) followed by 1.2033 (high Sep.20) and finally 1.2094 (2017 high Sep.8). On the other hand, a break below 1.1767 (10-day sma) would target 1.1686 (low Oct.6) en route to 1.1662 (low Aug.17).

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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