Neither European releases nor US ones were market shockers, leaving currencies in the hands of sentiment. Turmoil in EM fuel risk-aversion in detriment of high-yielding EUR.
The euro moved slightly higher on Wednesday on hopes for a breakthrough in Brexit negotiations. The common currency was carried away by the Pound. Spanish CPI came out 2.2%.
Technically, the 4 hours chart shows that the pair is currently pressuring a bullish 20 SMA, as technical indicators extend their declines within positive territory, with the Momentum about to enter negative territory but the RSI currently at 58. The pair could extend its downward corrective movement on a break below 1.1660, the immediate support. To the upside, the key continues to be the 1.1740/50 region, as only above it the bullish trend will resume.
Support levels: 1.1660 1.1620 1.1585. Resistance levels: 1.1710 1.1745 1.1790