The EUR / USD finally broke its consolidation phase of the Asian session and fell to a session minimum during the European session.
The pair extended the sharp cut from the previous session from the highest level since January 2015 and is being weighed down by a strong follow-up of the recovery of the US dollar.With risk aversion bottoming out, a modest rebound in US Treasury yields continued to support the recovery movement of the greenback for more than a minimum of 2 ½ years.
Meanwhile, the fast reading of the Spanish IPC print for August did little to provide any new bullish momentum to the shared currency, with the broad USD recovery recovering by acting as an exclusive driver of the pair's move on Wednesday.
The Eurozone economic agenda today also includes the German preliminary CPI print for August, while from the US, the ADP report and the first quarter GDP review would take focus earlier in the US session.
Technical levels to observe
Currently trading around 1.1950, the immediate support linked about 1.1915, which if broken could extend the torque correction towards the support zone 1.1865.On the other hand, the 1.1975-80 zone now appears to have emerged as immediate resistance, above which the pair is likely to move back above the 1.2000 key psychological mark and return to the 1.2030-35 zone.