- EUR/USD moves off lows during US session amid a modest retreat of the US dollar.
- Euro about to end day unchanged versus US dollar but still remains under pressure.
The EUR/USD pair rose during the American session and erased daily losses. Earlier today, the euro bottomed at 1.1300 and then climbed to 1.1354, hitting a fresh daily high.
The pair recovered from fresh 1-year lows amid a correction of the greenback in the market. The US dollar gained momentum today on the back of risk aversion triggered by a sell-off in emerging-market. Also, economic data helped the greenback.
Data released today in US showed that retail sales in July rose 0.5% above expectations of a gain of 0.1% while NY Fed’s Manufacturing Index Empire advanced to 25.6 in August from 22.6 versus the 20.0 expected but data on capacity utilization and industrial production came in below market consensus weakening the momentum of the US Dollar.
During the American session, the greenback lost strength favoring a correction in EUR/USD. Despite moving off lows, the pair continues to move with a bearish bias, still facing pressure.
EUR/USD Short-term technical levels
To the upside, resistance levels might be seen at 1.1360/65 (Aug 13 low), 1.1390 and 1.1430. On the flip side, support could be located at 1.1325 (20-hour moving average), 1.1300 (psychological/daily low) and 1.1270.
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