EUR/USD is trading above 1.17, attempting recovery from the drops it suffered due to concerns about Covid-19 and weaker global growth. The safe-haven dollar awaits the Fed's meeting minutes. Eurozone inflation was confirmed at 2.2%
The EUR/USD trades in the 1.1710 price zone, having bounced off the mentioned low but still at risk of falling. The 4-hour chart shows that the pair remains well below all of its moving averages, with the 20 SMA maintaining a bearish slope below the longer ones.
Technical indicator bounced off the oversold readings but quickly lost momentum, holding well into negative levels. The risk is skewed to the downside, with room for an extension towards the 1.1620 price zone.
Support levels: 1.1700 1.1660 1.1620
Resistance levels: 1.1750 1.1790 1.1830
