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  • EUR/USD recovers from 1.1600 but finds resistance at 1.1600.  
  • Move to the upside boosted by a retreat of the US dollar.  

The EUR/USD pair lost upside momentum after hitting resistance at 1.1660. It is hovering around 1.1645, marginally lower for the day but far from the lows. A decline of the US dollar across the board boosted the recovery of the pair.  

The US Dollar Index found resistance below the 95.50 area again and pulled back to 95.00, signaling difficulties to extend the rally. Also, the greenback lost strength after following weak US housing data. Recently the Fed, released the Beige Book that mentioned increasing concerns about tariffs.  

Earlier today, EUR/USD bottomed at 1.1600, the lowest level in two weeks, but managed to bounce. Despite moving away from the lows the pair still holds a bearish bias with price holding below key short-term levels.  

Levels to watch ahead of the Asian session

To the upside, immediate resistance is seen at 1.1660 (US session high), 1.1675 (20-SMA in 4 hour chart) and 1.1705. On the flip side, immediate support could be located at 1.1620 followed by 1.1600 and 1.1550.