EUR/USD is back in the green zone early Thursday, reversing a part of Wednesday’s steep sell-off.
EUR/USD rebounds from key Fibo support at 1.1107 amid renewed US Dollar selling. Risk aversion and pre-German inflation and US GDP nervousness could limit the pair’s upswing. The daily technical setup continues to stay constructive for EUR/USD in the near term. EUR/USDis back in the green zone early Thursday, reversing a part of Wednesday’s steep sell-off. The further upside, however, appears elusive if risk aversion gathers steam and revives the safe-haven demand for the US Dollar .
Ahead of that, Wednesday’s high of 1.1186 could challenge the bearish commitments. On the flip side, a sustained break below the abovementioned 23.6% Fibo support at 1.1107 could open up the downside toward the 38.2% Fibo level of the same advance, aligned at 1.1045. EUR/USD buyers will then find immediate support at the 21-day Simple Moving Average of 1.1026. Additional declines could thwart the 1.1000 round level.
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