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EURUSD could decline to 1.1704

The EURUSD pair has pared most of its losses after closing lower on Tuesday Wednesday, July 13 and 14. During yesterday’s trading session, the pair rose from 1.1770 to 1.1835 even though the news flow was against the euro and in favor of the dollar.

As regards the key macro releases, Eurozone industrial production fell 1.0% MoM in May, whereas the median consensus expected a 0.2% decline. In addition, the US PPI excluding food and energy products in June increased by 5.6% YoY, while the median forecast called for 5.1%.

Fed Chairman Jerome Powell’s congressional testimony did not increase confidence that US monetary policy will be tapered sooner than expected. Powell’s testimony continues today before the Senate, and market participants might hear some more hawkish overtones this time around.

Meanwhile, EURUSD showed a zigzag pattern during the first half of trading on Thursday, July 15, while trending moderately higher, up to 1.1845. In our view, the pair could test the upper bound of the medium-term descending channel, then decline to 1.1704.

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