DXY bulls take a breather as the index falls below 101. The Fed has also opened doors for a 75-bps rate hike. The EUR/USD analysis at the London session is on the bullish side, as the pair recovered their losses to move beyond 1.080. The EUR/USD price recovers on Wednesday as the US dollar retreats after a prolonged rally. In addition, Eurozone industrial production jumped in February, which boosted the EUR bulls. –Are you interested in learning more about forex bonuses? Check our detailed guide- The rise in production According to Eurostat statistics released today, the Eurozone’s Industrial Production rose in February, indicating that the industrial sector’s recovery is resuming. The bloc’s industrial production increased by 0.7 percent month on month, compared to a 0.7 percent gain forecast and -0.7 percent last year. The common currency has remained stronger due to the positive industrial figures. At the time of writing, the EUR/USD pair is up 0.69 percent on the day, trading at 1.0863. DXY bulls cool the heels The dollar’s rise surpassed, if briefly, the 101.00 level in the early half of the week, but it came under market pressure today. So far, the greenback’s price action has been determined by the Fed’s likelihood of a tighter rate path and geopolitics. The battle of the banks On the one hand, the Fed appears to be torn between raising interest rates by 50 basis points (bps) or 75 bps to manage the inflation issue. Meanwhile, supply chain constraints and rising energy prices have left the ECB with little choice but to maintain its neutral position. EUR/USD data events ahead With Industrial production already released today, we don’t have anything significant from the Eurozone. The typical weekly Mortgage Applications monitored by MBA are due, followed by Existing Home Sales and speeches by Fed M.Daly and Chicago C.Evans on the US docket. What’s next to watch for EUR/USD price? The stronger industrial data has provided an upside path for the single currency. However, investors will be looking at the broad-based USD’s strength. Get FREE Forex Signals Now! EUR/USD price technical analysis: Trading in green for now The EUR/USD price is wobbling around the 1.0842 level. At the time of writing, it is trading at 1.0834, with an increase of 0.51% so far. –Are you interested in learning more about ETF brokers? Check our detailed guide- On the 4-hour chart, 20 and 50 SMAs are below the price. It signifies a mild bullish trend. The next key support level for the pair is 1.0761. If the price goes above this level, it can dip towards 1.0734. On the other hand, the next resistance is at 1.0868. If the price goes above this level, we can see it further climbing towards the 1.0900 level. The volume data shows a declining trend for the recent upside move. It indicates that the recovery attempt will remain shallow. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal EUR/USD Daily share Read Next USD/JPY Price Dips Sharply Below 128.00 as Greenback Retreats Saqib Iqbal 1 month DXY bulls take a breather as the index falls below 101. The Fed has also opened doors for a 75-bps rate hike. The EUR/USD analysis at the London session is on the bullish side, as the pair recovered their losses to move beyond 1.080. The EUR/USD price recovers on Wednesday as the US dollar retreats after a prolonged rally. In addition, Eurozone industrial production jumped in February, which boosted the EUR bulls. -Are you interested in learning more about forex bonuses? 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