EUR/USD surrenders early gains, retreats back below mid-1.1300s

Haresh Menghani FXStreet

The EUR/USD pair failed to benefit from upbeat EZ data and has now surrendered majority of its early gains to session tops near 1.1370 region.

The struggled to attract any strong follow through buying interest, in fact, ran through some fresh offers despite better-than expected Markit's Euro-zone services PMI print, coming in at 55.4 for June as compared to 54.7 previously estimated.

A modest pick-up in the US Dollar demand, led by a fresh wave of up-move in the US Treasury bond yields has been one of the key factor keeping a lid on the pair's recovery move from multi-day lows touched in the previous session.

Heading into today's key event risk - the release of FOMC meeting minutes, traders seemed reluctant to initiate/carry big bets, eventually leading to a subdued range-bound price action on Wednesday.

• FOMC Minutes eyed for further rate hike clues - SocGen

Later during the NA session, the release of factory orders data from the US might also fail to provide any fresh impetus for short-term traders.

Technical levels to watch

On the upside, the pair might continue to confront strong resistance near 1.1375-70 area, which is closely followed by the 1.1400 handle, above which the pair is likely to aim back towards retesting multi-month highs resistance near 1.1445-50 region.

On the flip side, weakness below 1.1335 level (yesterday's low) is likely to accelerate the slide even below the 1.1300 handle towards its next support near 1.1285-80 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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