The EUR/USD pair lost some ground during the first hours of this Wednesday, down to 1.1241 early Europe as stocks opened with a soft positive tone.
In Europe, the only macroeconomic release was the Producer Price Index for July that matched expectations of -0.1%, whilst year-to-year resulted at -2.1%. Later on in the day, the US will release the private ADP survey, probably the most relevant figure of the day.
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In the meantime, the technical picture is neutral, with the pair hovering around the 61.8% retracement of its latest rally, around 1.1280, having found some intraday selling interest on spikes beyond 1.1300. The 4 hours chart shows that the 20 SMA stands flat around the mentioned daily low, whilst the technical indicators lack directional strength around their mid-lines.
Should the price recover above 1.1300, the pair may advance up to the 1.1340/60 price zone, although stronger gains seem unlikely for today. Below the daily low on the other hand, the decline can extend down to 1.1180 a strong static support level.
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