EUR/USD decline halted around 1.1170

EUR/USD’s daily drop seems to have found decent support in the 1.1170 region for the time being following today’s releases in the US calendar.

EUR/USD weaker on rate hike bets

Higher-than-expected consumer prices in the US economy during August have fuelled speculations on a potential rate hike by the Fed as soon as at the meeting on September 20-21, lending extra wings to the greenback and sparking a fresh wave of selling impetus around the pair.

Further data saw the Reuters/Michigan index, which gauges the US Consumer Sentiment, coming in at 89.8 for the current month, missing prior estimates at 90.8.

All in all, spot remains on its way to close the week with losses, coming down from previous week’s highs near 1.1330 and breaking below the key support at 1.1194 (2014-2016 support line) and opening the door for a probable visit to the 200-day sma near 1.1150.

EUR/USD levels to watch

The pair is now losing 0.68% at 1.1168 and a breakdown of 1.1147 (200-day sma) would target 1.1043 (low Aug.5) en route to 1.0950 (low Jul.25). On the flip side, the immediate resistance is located at 1.1286 (spike Sep.15) followed by 1.1294 (resistance line off 2016 high) and finally 1.1329 (high Sep.8).