EUR/USD recovers from weekly lows

EUR/USD has recovered a few pips over the last hours after hitting fresh 1-week lows at the beginning of the American session.

EUR/USD bottomed out at 1.1244 where it found support and managed to take back a few pips. The pair was last trading at 1.1265, still down 0.35% on the day.

EUR/USD came under renewed pressure after being rejected from the 1.1355 zone on Tuesday. There were no clear catalysts for the downward move, as investors continue to assess the likelihood of another Fed’s rate hike this year ahead of Yellen’s speech in Jackson Hole next Friday.

EUR/USD levels to watch

In terms of technical levels, next supports seen at 1.1224 (100-day SMA) and 1.1200/1.1198 (psychological level/20-day SMA) and 1.1143 (50-day SMA). On the other hand, resistances could be found at 1.1310 (Aug 24 high), 1.1365 (Aug 18 high), 1.1400 (psychological level) and 1.1427 (Jun 24 high).