EUR/USD attempts a tepid bounce to 1.0960, Draghi, PMIs eyed

By FXStreet FXStreet (Mumbai) – The EUR/USD pair tested Tuesday’s low in mid-Asia and rebounded higher heading into the early European trades; on fading risk-sentiment as the Asian equities are seen paring gains.

EUR/USD bounces-off Tuesday’s lows

The EUR/USD pair trades -0.08% lower at 1.0955, struggling hard to extend beyond the last. The main currency pair tries to recover lost ground and attempts a tepid bounce towards daily pivot placed at 1.0978, only to find fresh offers near 1.0955/60 band in last hours.

The shared currency remains pressured versus the US dollar as the divergent monetary policy path between both continents became more prominent after the ECB President Draghi reiterated on late Tuesday, that he is ready to act if necessary at the Dec meeting.

While markets are eagerly awaiting Friday’s employment report from the US to seal a Dec Fed rate hike deal, should the data confirm the ongoing strength in the US economic recovery.

Moving on, we have more of Draghi coming in ahead of a raft of final services PMI from Euro zone and US ADP data later today. While the main focus now remains on the Fed Chair Yellen’s testimony scheduled post-US open.

EUR/USD Technical Levels

The pair recovers from lows and heads …read more

Source:: FX Street