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EUR/USD recovery falters ahead of 1.1200

FXStreet (Córdoba) - EUR/USD managed to bounce off daily lows but failed to gain traction and the recovery stalled at the 1.1190 zone during the American session, confining the pair to a phase of consolidation.

ECB President Draghi spoke before the ECON and said the bank could adjust the size, composition and duration of the QE programme as appropriate. While Draghi’s speech had little impact on EUR/USD, the pair managed to climb a few pips on the back of soft US manufacturing PMI reading. However, the pair failed to overcome the 1.1190 zone and pulled back slightly.

At time of writing, EUR/USD is trading at 1.1170, still 0.47% above its opening price and having recovered from a low 3-week low of 1.1104.

EUR/USD levels to watch

As for technical levels, next resistances are seen at 1.1204 (200-day SMA), 1.1268 (10-day SMA) and 1.1300 (psychological level). On the flip side, supports could be found at 1.1104 (Sep 23 low), 1.1086 (Sep 3 low) and 1.1017 (Aug 18, 19 lows).

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