EUR/USD working on a re-test of yesterday’s low at 1.3488

FXstreet.com (Barcelona) - The EUR/USD has made its way back down to the 1.3488 support level that was set Wednesday afternoon – which technicians believe was the end point for wave “c” of an “abc” downside correction.

Several data points to play a role in fate of EUR/USD Thursday

The EUR/USD cross will have some data to digest over the coming hours – including the ECB Monthly Report, US import/export prices, US weekly jobless claims, multiple Fed Head speeches, the US 30-Year Bond auction and another speech by Mario Draghi.

Technical outlook for EUR/USD

Technicians say the EURUSD may have bottomed for this downside “abc” correction at 1.34885 mid-morning in Wednesday’s US session. They note that the cross is re-testing that low – or will soon do so. As long as it holds there could be a renewed upside move for EUR/USD – possibly taking the cross up to 1.3645 and points higher.