EUR/USD: Rebound remains capped near 1.1750, US PPI eyed

EUR/USD struggles to extend the rebound near 1.1750.
Daily technical setup remains in favor of the EUR bears.
Focus shifts to US PPI, Jobless Claims for fresh impetus.

Dhwani Mehta FXStreet

EUR/USD appears to have faltered its rebound from five-month lows this Thursday, as the price consolidates just below the 1.1750 level amid a risk-off market mood.

The US dollar licks its wounds in the aftermath of a softer inflation report, which eased the pressure off the Fed for an imminent hawkish move. The Treasury yields also trend lower capping the downside in the spot.

However, Chinese crackdown-led risk aversion and the recent series of dismal German economic data keep the EUR bulls on the defensive.

Looking forward, the major now awaits the US PPI and Jobless Claims data for fresh trading impulse. In the meantime, the dynamics in the dollar and yields will continue to play out amid a tepid risk tone.

EUR/USD technical outlook

From a near-term technical perspective, EUR/USD’s daily chart shows that there is some additional room for the downside.

If the selling pressure returns, then the pair could drop back towards the multi-month troughs of 1.1706, below which a sell-off towards the falling trendline support at 1.1657 cannot be ruled out.

The 14-day Relative Strength Index (RSI) trades flat but well below the midline, keeping the bearish interests alive and kicking.

EUR/USD: Daily chart

Alternatively, the euro bulls see immediate resistance at Wednesday’s high of 1.1754.

Further up, the August 9 high of 1.1769 could be on the buyers’ radar. Acceptance above the latter could fuel a run towards the bearish 21-Daily Moving Average (DMA) at 1.1803.

To conclude, any pullbacks in EUR/USD from multi-month lows are likely to remain shallow, as the risks remain skewed to the downside for the major.

EUR/USD: Additional levels to consider

EUR/USD

Overview
Today last price	1.1738
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.1739

Trends
Daily SMA20	1.1806
Daily SMA50	1.19
Daily SMA100	1.1963
Daily SMA200	1.201

Levels
Previous Daily High	1.1754
Previous Daily Low	1.1706
Previous Weekly High	1.19
Previous Weekly Low	1.1755
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.1736
Daily Fibonacci 61.8%	1.1724
Daily Pivot Point S1	1.1712
Daily Pivot Point S2	1.1685
Daily Pivot Point S3	1.1664
Daily Pivot Point R1	1.176
Daily Pivot Point R2	1.1781
Daily Pivot Point R3	1.1808

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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