EUR/USD recovers further to 1.2245, still near weekly lows

• US Dollar corrects lower after a 3-day rally as US yields stabilizes.
• EUR/USD moves higher but some bearish pressure still seen. 

The EUR/USD is about to end the day with a gain of around 30 pips, after a 3-day slide. The euro bottomed earlier today at 1.2180, the lowest since March 1. Then rebounded and during the US session peaked at 1.2245. 

The move to the upside was supported by a correction of the US Dollar amid falling US equity prices. Near the end, the DOW JONES was falling 2% while US bond yields were pointing higher bus still below yesterday’s high. 

The greenback lost strength versus European currencies and the yen but it was still higher versus AUD and NZD both probably affected by risk aversion the and slide in commodity prices. 

Data from the US had no impact on markets today. Market participants await the ECB meeting on Thursday and the first estimate of US Q1 GDP growth on Friday.

EUR/USD Technical levels 

If the recovery continues, immediate resistance is seen at 1.2260, followed by 1.2290 (Apr 6 & 23 high) and 1.2315. On the flip side, support could be located at 1.2215 (20-hour moving average) , 1.2180 (Apr 24 low) and 1.2155 (Mar low).