EUR/USD finds bids around 50% Fib level

EUR/USD is seeing a rebound from 1.1264 (50% Fibo of 1.1616-1.0911) as the American Dollar is being offered across the board.

Hovers around 10-DMA

The pair was last seen trading at the 10-DMA level of 1.1272. Bullish exhaustion on Tuesday near last week’s high of 1.1366 was followed by sharp losses, with the pair hitting a low of 1.1245 levels. The losses were largely triggered by a correction in the EUR/GBP cross since the dollar remained on back foot against most majors.

The common currency could be influence d German IFO number due in the European session. Later in the US session, US durable goods print could set the tone in the US dollar ahead of tomorrow’s Jackson Hole event.

EUR/USD Technical Levels

A break above 1.13 (zero figure + 5-DMA) would open doors for 1.1366 (last week’s high). A violation there could force bears to unwind shorts, which therefore could result in a sharp rise to 1.1450 (76.4% of 1.1616-1.0911) levels. On the lower side, a break below 1.1264 (50% Fibo) could yield a re-test of 1.1222 (100-DMA), under which a major support is seen at 1.1144 (50-DMA).