EUR/USD rebounds from 1.1770, still unable to regain 1.1800

• EUR/USD slide found support at 1.1770. 
• US dollar lost momentum amid lower yields. 

The EUR/USD pair bottomed at 1.1769 and rebounded. It reached 1.1800 and it was trading near that area, still unable to rise back above that level. 

The greenback weakened during the last hours amid a decline in Wall Street and after a rally in US bonds. The Dow Jones was falling 0.20% after spending most of the day in positive territory. The 10-year yield fell to 2.34% (1-week low) from 2.37%. 

On a weekly basis, the pair was modestly higher, following the Fed and ECB meetings. EUR/USD peaked today at 1.1860 but then reversed sharply during Draghi’s press conference and following better-than-expected economic reports from the US. 

Technical outlook 

“The pair regained the upside mid US session on a bout of dollar's selling, but retreated from a major resistance, as selling interest rejected advances multiple times around it at the beginning of the previous week, while the area also stands for the 61.8% retracement of this month's decline between 1.1939 and 1.1717”, said Valeria Bednarik, Chief Analyst at FXStreet. 

According to her, the Momentum triggered by the Fed on Wednesday receded, but further declines are not yet confirmed according to technical readings in the 4 hours chart, as the pair keeps hovering around directionless moving averages, with the price now bouncing from around the 20 SMA and the 23.6% retracement of the mentioned decline. 

“Technical indicators eased from near overbought readings but lost downward strength once they reached their mid-lines, now aiming to regain the upside. The pair has an intermediate support at 1.1750 and a stronger one in the 1.1715 region, where it bottomed twice over the last few weeks. The main resistance is still the 1.1870 region, as only above it the pair will regain its bullish stance”, concluded Bednarik.