EUR/USD attempts a tepid rebound to 1.1780

The single currency remains under pressure on Wednesday, now dragging EUR/USD to the lower end of the range in the 1.1780/70 band.

EUR/USD attention to Trump, US data

The pair is retreating for the third session in a row so far today, finding some support in the 1.1760 region amidst a solid performance of the greenback and US yields.

In fact, the demand for USD has accelerated as of late after Chief J.Yellen reiterated on Tuesday that the Federal Reserve keeps its tightening prospects well and sound despite the slowdown in inflation (which is considered as temporary).

In addition, the buck reacted positively to further news on the tax reform plans by the White House, which should be announced later today, eclipsing at the same time another failed attempt by Republicans to replace Obamacare.

In the data space, the ECB will publish its figures for private sector loans and M3 money supply for the month of August, while durable goods orders and pending home sales are due across the pond.

EUR/USD levels to watch

At the moment, the pair is losing 0.15% at 1.1775 and a breakdown of 1.1736 (38.2% Fibo of the 2014-2017 drop) would target 1.1722 (200-week sma) en route to 1.1662 (low Aug.17). On the upside, the initial hurdle emerges at 1.1900 (10-day sma) followed by 1.1917 (21-day sma) and finally 1.2033 (high Sep.20).