EUR/USD holds below mid-1.1900s ahead of EZ data/ECB minutes

Haresh Menghani FXStreet

Having touched an intraday high level of 1.1970, the EUR/USD pair ran through some fresh offers and refreshed session low in the last hour.

A goodish US Dollar rebound was seen as one of the key factors contributing towards an extension of the pair's overnight sharp retracement from levels beyond the key 1.20 psychological mark, touched in reaction to a report that China is considering slowing or halting its purchases of the US Treasuries.

The USD got an additional boost after a Chinese government source clarified on Thursday that media reports could be based on wrong information and prompted some fresh selling around the major.

The pair, however, continues to find some support near the 1.1925 region and quickly rebounded around 20-pips from lows as traders now seemed to wait for the release of EZ industrial production data and the ECB Monetary Policy Meeting Accounts (minutes) before positioning for the next leg of directional move.

Later during the early NA session, the US economic docket, featuring the release of PPI print and the usual weekly jobless claims data would also be looked upon for some short-term trading opportunities.

Technical levels to watch

Sustained weakness below 1.1925-20 area, leading to a subsequent break below the 1.1900 handle, might turn the pair vulnerable to accelerate the slide towards 1.1880-75 intermediate support en-route the 1.1820-15 region.

On the upside, any up-move above 1.1970-75 immediate resistance might continue to confront fresh supply near the 1.2010-20 region, which if cleared might lift the pair back towards 1.2060-70 strong hurdle.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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