EUR/USD: Recovery appears capped by 21DMA at 1.0605 ahead of Fed Minutes

EUR/USD: Recovery appears capped by 21DMA at 1.0605 ahead of Fed Minutes EURUSD Currencies DollarIndex Fed Technical Analysis

Hawkish ECB-speak power the Euro amid weak US Treasury yields. is attempting a minor recovery toward 1.0600 early Wednesday, as the US Dollar reverses its recovery amid the return of risk flows.

The EUR/USD pair tumbled on Tuesday after the US Dollar capitalized on risk-off flows while softer German inflation data smashed the euro area peripheral yields, sending the Euro sharply lower.EUR/USD yielded a daily closing below the rising trendline support, then at 1.0630, validating a symmetrical triangle breakdown.

The 14-day Relative Strength Index has recovered slightly while defending the 50.00 level, backing the latest leg up in the main currency pair.

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