EUR/USD on a steady retreat towards 1.1600 ahead of German IFO

• Supported on ongoing broad US dollar weakness on dovish Powell.
• Upbeat German IFO surveys could send EUR/USD back above 1.1650.

The bulls appear to take a breather, pushing the EUR/USD pair back towards the 1.16 handle heading into the German IFO business surveys slated for release at 0800 GMT.

The major paused its rebound just ahead of the 1.1650 levels, despite persisting broad-based US dollar weakness, as markets await the sentiment on the European markets for the next push higher.

The greenback remains broadly undermined by an unexpected dovish tone delivered by the Fed Chair Powell during his speech at the Jackson Hole Symposium. Powell confirmed the need for gradual rate hikes, which remains data-dependent. Also, a bigger-than-expected drop in the US durable goods data keeps the downbeat tone intact around the buck.

However, the retreat in the major could stall should the German IFO business surveys better expectations and provide the much-needed boost to the EUR bulls. The German IFO business climate for August is expected to arrive at 102.0 versus 101.7 previous.

EUR/USD Technical Levels

Nial Fuller, a Price Action Forex Trader based in Australia, noted: “Expect prices to reverse lower from the 1.1750-1.1820 resistancerange. Long term down trend remains intact with nearby resistance levels at and 1.1750 and 1.1820 resistance. Traders can continue waiting for a price action sell signal on 4 hour or daily chart, whilst price remains below the 1.1750 to 1.1820 major resistance zone.” 

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