EUR/USD price remains rangebound on Thursday despite dismal US GDP data. German consumer confidence data missed expectations. Market awaits Jackson Hole Symposium and Powell’s speech to find the fresh impetus. The EUR/USD price fluctuates within a narrow range above 1.1750 as it seeks to continue its steady upward movement during the second half of the week. Over the past week, the risk climate has been more favorable, however, weighing on the dollar. As a result, the EUR/USD pair has been rebounding off new YTD lows near 1.1660 (Aug 20) amid upside risks. –Are you interested to learn more about day trading brokers? Check our detailed guide- With disappointment looming over PMI numbers for major economies in the Eurozone and mixed results reported from the IFO survey in Germany, the single currency is holding strong. A GfK measure of German consumer confidence did not reach -1.2 for September (from -0.4) at the beginning of the meeting. The EUR/USD pair is trading around 1.1750, which is not positive on this day as US GDP missed expectations with 6.6% y/y growth, and jobless claims were disappointing at 353K. Perhaps, the Fed Chairman’s speech at Jackson Hole this week is a concern for market participants. Experts predict Powell’s team will begin cutting its $120 billion in monthly QE bond purchases later this year. As a result, the annual yield on the two-year Treasury bond remained at its highest level since the end of June at 0.24%. Get FREE Forex Signals Now! This yield appears to have attracted new investment into the bond market. More than 60% of the demand for US bonds came from foreign investors, but for US investors, the 0.24% yield is still more than 5 full percentage points behind the overall annual consumer price inflation rate. Meanwhile, the yield on five-year Treasuries rose to 0.79% on Wednesday, while the yield on 10-year bonds hit 1.30% for the first time in two weeks. According to analysts at the American investment bank Goldman Sachs, there is a 45% chance that the Fed will begin to reduce monthly asset purchases as part of quantitative easing in November. Previously, this figure was 25%. –Are you interested to learn more about forex bonuses? Check our detailed guide- EUR/USD price technical analysis: 20-SMA lending support EUR/USD 4-hour price chart The EUR/USD price falls to the mid-1.1700 area coinciding with the 20-period SMA on the 4-hour chart. The pair has covered around 62% average daily range until now. However, it looks like the upside traction got dampened in the recent hour. Further below, the 50-period SMA can provide support at 1.1740 area. However, the key support is still the 1.1700 mark. On the flip side, 1.1800 and the 200-period SMA are the key hurdles that keep the bearish pressure intact. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% 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 Dogecoin Price Prediction: Buckle Up to Sell Below $0.2800 Ali B. 1 year EUR/USD price remains rangebound on Thursday despite dismal US GDP data. German consumer confidence data missed expectations. Market awaits Jackson Hole Symposium and Powell's speech to find the fresh impetus. The EUR/USD price fluctuates within a narrow range above 1.1750 as it seeks to continue its steady upward movement during the second half of the week. Over the past week, the risk climate has been more favorable, however, weighing on the dollar. As a result, the EUR/USD pair has been rebounding off new YTD lows near 1.1660 (Aug 20) amid upside risks. –Are you interested to learn more about day… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.