EUR/USD: Bears attack 1.1700 as USD recovery extends, ECB eyed

The selling pressure behind the EUR/USD pair extends into the mid-European session, with the bears now eyeing a break below 1.17 handle.

EUR/USD: Focus shifts to ECB minutes, US data dump

The latest declines in the main currency pair are partly on the back of large option expiries casting a more-than a shadow on the Euro.  Meanwhile, the corrective rally seen picking-up pace in the US dollar against its main peers also drags the EUR/USD pair.

Furthermore, the common currency also shrugged-off the Eurozone final CPI report, which showed a slight uptick in the bloc’s core CPI figures. Eurozone flash Core CPI y/y ticks higher in July

The major also remains under pressure ahead of the ECB minutes, as markets are expecting the ECB to provide fresh insights on the ECB Governing Council’s discussion on the recent Euro appreciation and its impact on the growth and inflation outlook.

Besides, a fresh batch of economic releases from the US docket will remain in focus for fresh impetus on the greenback.

EUR/USD Technical Set-up  

According to Valeria Bednarik, Chief Analyst at FXStreet, “the pair has a major support around 1.1680/90, where it bottomed multiple times over the last two weeks. Below it, the next relevant support comes at 1.1590, a daily ascendant trend line coming from April's low. In the way, some support may be seen at 1.1640. The daily high on the other hand is the immediate resistance, yet the pair needs to advance beyond the 1.1820 to shrug off the negative tone and extend its advance towards 1.1860, quite unlikely at the time being.”