- Dollar loss of strength drives EUR / USD rebound.
- Par finds support above 1.1585, fails to overcome 1.1625.
EUR / USD rebounded from 1.1585 driven by a general decline in the dollar and climbed to 1.1625, reaching the highest level in two days. The 1.1625 zone is where Tuesday’s highs are as well; the break of that level could trigger more raises.
On the downside, 1.1605 has become the immediate support in the EUR / USD. Below it appears 1.1585, where is the floor of the current range. If that level yields, the vulnerability of the crossing would intensify. While EUR / USD fails to recover 1.1630, bearish risks would be expected to dominate.
The dollar loses strength due to a fall in yields
The The greenback lost ground due to a sharp decline in Treasury yields. The 10-year rate went from 1.62% to 1.55%. This weakened the green bill. At the same time, the cautious tone in the stock markets on Wednesday, limited the retracement of the greenback.
The durable goods orders report showed mixed data and did not favor the dollar. Thursday will be the turn of the US third quarter GDP growth report. In Europe, the European Central Bank meeting on Thursday will get all the attention.
Technical levels
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