- Limited tours of the market, EUR / USD sideways unable to assert itself above 1.1760.
- Anticipation grows for Powell’s speech at Jackson Hole.
The EUR / USD is trading a small drop on Wednesday, having risen in the previous three days. The pullback from the week high reached Tuesday at 1.1765, found support at the 1.1730 area. It then bounced but hit 1.1760 and came back below 1.1750.
The pair is moving sideways, in line with most currency crosses on Wednesday. ANDThe decline in the dollar seems to have been left behind for now. LThe rise in Treasury yields gave strength to the greenback. The 10-year rate is 1.30%.
The expectation around the Jackson Hole symposium is growing, with the focus on the speech of Jerome Powell, the president of the Federal Reserve near the end of the week. The durable goods orders report will be released on Wednesday and Mary Daly of the San Francisco Fed will make a public presentation.
Advance loses strength
The rises in the EUR / USD have run out of steam, although the bias remains in favor of the euro, supported by the average of 20 in four hours that is passing by 1.1725. A drop below 1.1720 would point to an extension as the correction may be over.
On the upside, should it return and finally settle above 1.1750, the euro could pick up pace again; the next resistance being at 1.1775 and then at 1.1800 / 05.
Technical levels
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