EUR/USD clings to recovery gains near 1.0650
EUR/USD trades in positive territory near 1.0650 on Wednesday. The US Dollar sees a modest retreat, helping the pair recover previous losses. The EUR/USD rebound, however, appears limited amid Fed-ECB policy divergence. ECB and Fed speeches eyed.
The Relative Strength Index (RSI) indicator on the 4-hour chart rose above 30, suggesting that EUR/USD has corrected oversold conditions. On the upside, 1.0660 (static level) aligns as immediate resistance. In case the pair rises above this level and starts using it as support, it could extend its recovery toward 1.0700 (psychological level, static level) and 1.0730 (static level).
Supports are located at 1.0600 (static level), 1.0550 (static level from October) and 1.0500 (psychological level, static level).
EUR/USD holds steady above 1.0600 early Wednesday after posting small losses on Tuesday. The near-term technical outlook suggests that the pair could extend its recovery in case it manages to clear 1.0660.
EUR/USD edged higher in the early American session on Tuesday after the disappointing housing data from the US weighed on the US Dollar (USD). Later in the day, however, hawkish comments from Federal Reserve (Fed) Chairman Jerome Powell helped US Treasury bond yields gain traction and supported the USD. Powell noted that the performance of the US economy has been "quite strong" and added that the recent data indicate a lack of significant progress on inflation this year.
The US economic docket will not offer any high-tier data releases on Wednesday. Several European Central Bank (ECB) policymakers, including President Christine Lagarde, and Fed officials are scheduled to speak later in the day.
EUR/USD trades in positive territory near 1.0650 on Wednesday. The US Dollar sees a modest retreat, helping the pair recover previous losses. The EUR/USD rebound, however, appears limited amid Fed-ECB policy divergence. ECB and Fed speeches eyed.
The Relative Strength Index (RSI) indicator on the 4-hour chart rose above 30, suggesting that EUR/USD has corrected oversold conditions. On the upside, 1.0660 (static level) aligns as immediate resistance. In case the pair rises above this level and starts using it as support, it could extend its recovery toward 1.0700 (psychological level, static level) and 1.0730 (static level).
Supports are located at 1.0600 (static level), 1.0550 (static level from October) and 1.0500 (psychological level, static level).
EUR/USD holds steady above 1.0600 early Wednesday after posting small losses on Tuesday. The near-term technical outlook suggests that the pair could extend its recovery in case it manages to clear 1.0660.
EUR/USD edged higher in the early American session on Tuesday after the disappointing housing data from the US weighed on the US Dollar (USD). Later in the day, however, hawkish comments from Federal Reserve (Fed) Chairman Jerome Powell helped US Treasury bond yields gain traction and supported the USD. Powell noted that the performance of the US economy has been "quite strong" and added that the recent data indicate a lack of significant progress on inflation this year.
The US economic docket will not offer any high-tier data releases on Wednesday. Several European Central Bank (ECB) policymakers, including President Christine Lagarde, and Fed officials are scheduled to speak later in the day.
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