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EURUSD eyes 1.1704

The EURUSD pair continued to trend moderately lower on Tuesday, July 20. The price action started at 1.1798. By the beginning of the North American trading session, the pair dropped to 1.1755, and it partially recovered to 1.1780 by the close.

As regards yesterday's key macro releases, we note Germany’s PPI for June. The reading showed a 1.3% increase MoM, slightly exceeding the median consensus that called for 1.2%. Stateside, macro data looked choppy. On the one hand, housing starts in June came in higher than expected (1.643 mln MoM vs. 1.59 mln expected). On the other hand, building permits turned out to be worse than expected (1.59 mln MoM compared to the 1.70 mln median forecast).

On Wednesday, the bears drove EURUSD down to a trough of 1.1752, with the pair retracing to its April 5 low, but by noon it bounced back to the opening level near 1.1780. In the medium term, the key pair has been trading within a descending channel since the end of June. If this trend persists, the downside target for the pair will be 1.1704.

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