• EUR/USD pair looks to snap six-day losing streak.
  • US Dollar Index stays in the negative territory below 93.00.
  • Inflation in US stayed unchanged at 5.4% on a yearly basis in July.

The EUR/USD pair stayed under modest bearish pressure in the first half of the day on Wednesday and extended its slide toward 1.1700. With the greenback coming under selling pressure during the American trading hours, however, the pair managed to stage a rebound and was last seen gaining 0.22% on the day at 1.1745.

USD valuation drives EUR/USD movements

The data published by the US Bureau of Labor Statistics revealed earlier in the day inflation, as measured by the Consumer Price Index (CPI), stayed unchanged at 5.4% on a yearly basis in July. Additionally, the annual Core CPI, which excludes volatile energy and food prices, edged lower to 4.3% from 4.6% in the same period.

This report caused the USD to weaken against its rivals and the US Dollar Index (DXY) reversed its direction after rising to a fresh multi-month high. Currently, the DXY is down 0.22% on the day at 92.86.

In the meantime, Kansas City Federal Reserve President Esther George noted that the time has come to "dial back the settings on the monetary policy" but this comment failed to help the greenback gather strength.

On Thursday, June Industrial Production data will be featured in the European economic docket. Later in the day, the weekly Initial Jobless Claims and the Producer Price Index data from the US will be looked upon for fresh impetus.

Technical levels to watch for

EUR/USD

Overview
Today last price 1.1748
Today Daily Change 0.0027
Today Daily Change % 0.23
Today daily open 1.1721
 
Trends
Daily SMA20 1.1811
Daily SMA50 1.191
Daily SMA100 1.1964
Daily SMA200 1.201
 
Levels
Previous Daily High 1.1743
Previous Daily Low 1.171
Previous Weekly High 1.19
Previous Weekly Low 1.1755
Previous Monthly High 1.1909
Previous Monthly Low 1.1752
Daily Fibonacci 38.2% 1.1723
Daily Fibonacci 61.8% 1.173
Daily Pivot Point S1 1.1706
Daily Pivot Point S2 1.1692
Daily Pivot Point S3 1.1673
Daily Pivot Point R1 1.1739
Daily Pivot Point R2 1.1758
Daily Pivot Point R3 1.1772

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD struggles to gather momentum, stays near 1.0350

EUR/USD struggles to gather momentum, stays near 1.0350

EUR/USD is having a difficult time gathering bullish momentum and fluctuating at around 1.0350 in the American session. With Wall Street's main indexes pushing lower after the opening bell, the US Dollar is gathering strength and not allowing the pair to gain traction.

EUR/USD News

GBP/USD falls below 1.2000 as mood sours

GBP/USD falls below 1.2000 as mood sours

GBP/USD has turned south and declined below 1.2000 in the second half of the day on Tuesday. The negative shift witnessed in risk sentiment seems to be helping the US Dollar find demand and forcing the pair to stay on the back foot.

GBPUSD News

Gold rebound loses momentum, upside limited below $1,760

Gold rebound loses momentum, upside limited below $1,760

Gold is rising on Tuesday, recovering after Monday’s slide. XAU/USD bottomed during the Asian session It then started to recover amid a rally of commodities and also emerging market currencies. 

Gold News

Bitcoin price hears jingle bells rolling in

Bitcoin price hears jingle bells rolling in

Bitcoin price looks set to rally substantially higher now that the social unrest in China is calming down. BTC could stage a 17% rally in the coming week.

Read more

Alibaba shares advance 5% on reduced China covid restrictions

Alibaba shares advance 5% on reduced China covid restrictions

BABA stock has jumped more than 5.2% in Tuesday’s premarket to $80 after China's National Health Commission said covid-related lockdowns should end as soon as possible. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures