The single currency is trading within a narrow range on Wednesday, taking the EUR/USD to 1.1750 before the opening bell in Europe.
EUR/USD is attentive to the PMI and Draghi
The pair is extending, until now, the consolidation this week, going from highs to recent 1.1800 while some support emerged in the region 1.1730.
The strong recovery yesterday on the demand of the currency green dragged the pair nearly a cent lower after the news that the White House could be progressing in the plans promised tax reform. Followed by the index of the US dollar (DXY), the dollar now has worked a certain momentum and are looking to stabilize in the 93.50.
Looking to the future, the PMI advanced in the euro area for the current month will be followed by the speech of the president M. Draghi in the VI Meeting of Liindau on Economic Sciences (Lindau, Germany). Market participants will monitor this event for any suggestion with regard to a decrease in potential in the coming months.
Through the puddle, the flash PMI from Markit, you will know along with new home sales and the speech by A. Kaplan of the Fed of Dallas(voter, hawkish).
Levels EUR/USD to observe
At this time, the pair is down 0.03% to 1.1757, and a breakdown of 1.1661 (minimum of 17 of August) aims to 1.1641 (trend to 5 months) in route to 1.1611 (a minimum of 26 of July).
On the other hand, the initial obstacle is aligned at 1.1830 (maximum 21 August) followed by 1.1846 (maximum 11 August) and finally 1.1894 (a maximum of 3 August).