EUR / USD finds support at 1.1615 and cuts losses

• The dollar loses momentum but remains firm in the market.
• The euro with a mixed performance in the market, is not affected by Weidmann’s resignation.
• EUR / USD eases intraday bearish pressure, struggles to return above 1.1630.

The EUR / USD fell to 1.1616, marking a low for the day, after momentarily trading above 1.1650 in the Asian session.. From the low, the euro rebounded and operates in the 1.1630 zone, practically in the zone of Tuesday’s close.

The dollar is with mixed results throughout the market. In recent hours, it lost strength due to a decline in Treasury bond yields, from maximums in months. The EUR / USD intraday bias remains bearish but this could change with a rally above 1.1635 / 40, where the 20 hour average is.

Resignation at the ECB, US data and results

The official of the European Central Bank (ECB) and president of the German central bank (Bundesbank), Jens Weidmann, announced that he will leave office on December 31, five years before the end of the mandate. Personal reasons, is the reason that the German communicated.

In his resignation, he issued a warning that it will be crucial “not to look at one-sided deflationary effects, but also not lose sight of inflationary dangers.” The resignation had no impact on the euro at the moment. Weidmann was one of the most opposed to the ECB’s ultra-expansive policy.

Looking ahead to the next few hours, the focus on the markets on the one hand will continue on the presentation of corporate results and with regard to data, the publication of the Federal Reserve Beige Book in the American afternoon. There will be a 20-year debt placement and Fed officials Randall Quarles, James Bullard, Raphael Bostic and Charles Evans will speak publicly.

In the Eurozone, the final inflation reading for September It did not show variation with respect to the preliminary data. The CPI rose 3.4% compared to a year ago and the underlying one 1.9%.

Technical levels