EUR/USD: crucially recovered from near to key 1.0960 support - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the US released another batch of positive data and offered the EUR/USD technicals.

Key Quotes:

"Weekly unemployment claims down to 253K in the week ending July 16th, and Existing Home Sales rising for a fourth consecutive month, up by 1.1% in June. The Philadelphia manufacturing survey, however, disappointed by printing -2.9 in July, from previous 4.7.

Technically, the dominant bearish trend persists, as the pair has managed to print a lower low weekly basis, at 1.0978, not enough, however, to break bull's determination to defend the 1.1000 region. In the 4 hours chart, the price advanced briefly above a bearish 20 SMA, but was unable to settle above it, while the technical indicators remain within negative territory, but with no clear directional strength. A break below 1.0960 is still required to confirm further slides that can extend down to the critical 1.0800/40 region in the days to come."