- EUR/USD fades Tuesday’s small rally and refocuses on the 1,150 area.
- A new revision of second quarter GDP for the euro zone will be released later.
- In the North American session, the FOMC minutes and retail sales are in the spotlight.
The selling bias returns to the single currency and drags the EUR/USD to the 1.0150 area on Wednesday, touching a new intraday low at 1.0149 having opened the European session with a daily high at 1.0186.
EUR/USD pending US economic calendar.
EUR/USD continues to navigate the lower end of the recent range amid some modest losses, although it has put some distance from weekly lows in the 1.0120 area hit on Tuesday.
The resurgence of demand for US dollars put pressure on the risk complex again on Wednesday, amid the general recovery of yields in global markets.
Later in the session, another estimate of Eurozone GDP for the April-June period will be released, while retail sales and the release of the FOMC Minutes will focus the discussion later in the US session.
EUR/USD Levels
At time of writing, the pair is down 0.08% at 1.0162 and a break below 1.0096 (weekly low of July 27) would aim to 1,0000 (psychological level) on the way to support 0.9952 (2022 low of July 14).
On the other hand, the next upside barrier is at 1.0368 (monthly high of August 10), followed by 1.0495 (100-day SMA) and finally 1.0615 (weekly maximum of June 27).
Source: Fx Street
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