EUR/USD recovers early lost ground to 7-day lows

Haresh Menghani FXStreet

The EUR/USD pair has managed to recover all of its early lost ground and is currently placed in natural territory, around the 1.1765-70 region.

The pair's modest recovery move from 7-day lows got a minor boost from today's dismal US housing market data, which seems to have stalled the US Dollar’s strong up-move, at least for the time being.

The pair, however, seemed lacking any strong follow through momentum in wake of surging US Treasury bond yields, which continued lending support to the greenback and kept a lid on any meaningful up-move.

Meanwhile, sentiment around the shared currency remained apathetic amid absent hawkish tone from the ECB President Mario Draghi's speech on Wednesday, and Catalan uncertainty, with the USD price dynamics acting as an exclusive driver of the pair's movement through early NA session.

• EUR futures: bears remain in control

Technical levels to watch

From current levels, the pair is likely to confront fresh supply near the 1.1800 handle and any subsequent up-move might now be capped near the 1.1830 region.

On the flip side, weakness below 1.1730 level could get extended towards the 1.1700 handle before the pair eventually drops to its next strong support near the 1.1675-70 horizontal zone.

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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