technical

The Australian Dollar has been losing ground against the greenback since it made a significant new high yesterday.

EUR/USD trades with a bullish bias ahead of the ECB decision and US CPI data, supported by a technical breakout setup targeting 1.1830.

The EUR/USD pair pierced the 1.1700 mark on Wednesday, as the US Dollar (USD) maintained its positive tone throughout the first half of the day, although with a cautious stance as investors awaited United States (US) inflation data.

GBP/USD fluctuates above 1.3500 in the European session on Wednesday after posting small losses on Tuesday. The pair could attract technical buyers if it manages to clear the 1.3590-1.3600 resistance area.

The USD/CAD pair scales higher for the second straight day – also marking the seventh day of a positive move in the previous eight – and climbs to an over two-week high on Wednesday.

EUR/USD struggles to regain its traction in the European session on Wednesday and trades in a tight range near 1.1700 after closing in negative territory on Tuesday. August producer inflation data from the US could trigger the next directional action in the pair.