EUR/USD struggles to build on Wednesday's gains, stays calm below 1.1750

EUR/USD lost its recovery momentum after posting modest gains on Wednesday.
US Dollar Index edges higher toward 93.00 on Thursday.
Eyes on weekly Initial Jobless Claims and PPI data from US.

Eren Sengezer FXStreet

The broad-based USD weakness helped the EUR/USD pair stage a recovery and snap a six-day losing streak on Wednesday. On Thursday, however, the pair seems to be having a difficult time preserving its bullish momentum and was last seen trading flat on the day at 1.1736.

USD selloff loses steam ahead of mid-tier data

The data from the US showed on Wednesday that the Core Consumer Price Index (CPI) edged lower to 4.3% in July on a yearly basis from 4.5% in June and triggered a modest USD selloff. The US Dollar Index (DXY), which tracks the greenback's performance against a basket of six major currencies, lost 0.2% on a daily basis.

Nevertheless, the DXY is posting small daily gains above 92.90, suggesting that Wednesday's rebound was a technical correction rather than a reversal of direction.

Later in the session, the US Department of Labor will release the weekly Initial Jobless Claims report and the US Bureau of Labor Statistics will publish the Producer Price Index (PPI) data.

Earlier in the day, Eurostat report that Industrial Production in the euro area declined by 0.3% on a monthly basis in June. This reading came in slightly worse than the market expectation for a decrease of 0.2% and was largely ignored by market participants.

Technical levels to watch for

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

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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