“¢ Once again fails near the 1.1285-90 supply zone amid a modest USD rebound.
“¢ The USD gets an additional boost from stronger US PPI print and jobless claims.
The EUR/USD pair finally broke down of its daily consolidative trading range and dropped to fresh session lows, around the 1.1260-50 region in the last hour.
The pair struggled to build on the overnight goodish bounce from the post-ECB swing lows and once again met with some fresh supply near the 1.1285-90 region amid a goodish pickup in the US Dollar demand.
It is worth reporting that the ECB President Mario Draghi, speaking at the post-meeting press conference on Wednesday, sounded downbeat on the economic outlook and acknowledged that downside risks are materializing.
Meanwhile, investors looking past the latest FOMC meeting minutes, which reinforced the central bank’s recent dovish policy tilt, with rebound US Treasury bond yields helped revive demand for the greenback.
The USD recovery move from near two-week gained further traction following the release of hotter than expected headline US PPI print for March and an unexpected drop in initial weekly jobless claims.
The pair has now erased the previous session’s modest uptick and for now, seems to have snapped three consecutive days of winning streak as investors now look forward to Fed speakers for some fresh impetus.
Technical levels to watch
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