- The pair remains depressed near 2018 lows on Wednesday.
- The greenback alternates gains with losses around 93.30.
- German final CPI prints matched preliminary readings.
EUR/USD is looking for direction on Wednesday, although it remains unable to gather some serious upside traction amidst the recent strong rebound in the buck.
EUR/USD looks to EMU data, Draghi
Following a negative start of the week, the pair is now attempting to consolidate in the area of YTD lows in the 1.1830/20, coming down after Monday’s tops in the boundaries of the psychological 1.2000 the figure.
The greenback, in the meantime, remains bid above the 93.00 handle backed by the robust performance of yields of the key US 10-year note, which clinched fresh multi-year peaks around 3.08% on Tuesday.
In the data space, EMU’s final CPI prints for the month of April are due later ahead of the welcome address by ECB Mario Draghi at a Colloquium in honour of Vitor Constancio in Frankfurt.
Across the pond, US Building Permits and Housing Starts are due along with Industrial and Manufacturing Production and the speech by Atlanta Fed R.Bostic (voter, centrist).
EUR/USD levels to watch
At the moment, the pair is losing 0.03% at 1.1835 and a breakdown of 1.1817 (2018 low May 15) would target 1.1768 (78.6% Fibo of November-February up move) en route to 1.1718 (monthly low Dec.12 2017). On the upside, the next hurdle aligns at 1.1996 (high May 14) seconded by 1.2021 (200-day sma) and finally 1.2048 (38.2% Fibo of 1.2413-1.1823).
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