The EUR/USD pair takes a bit of height on Wednesday morning, with a peak at 1.1226 for the moment, after a low of 1.1193 yesterday.
The Euro seems supported by some of the statistics, including figures on industrial production in France and Italy, which were found to be significantly better than expected.
French industrial production jumped 2.1% for the month of may, versus +0.3% expected, while industrial production Italian is displayed at +0.9% against +0.2% expected for the same period.
In addition, the rate on 10-year government bonds German has climbed to the highest since almost 3 weeks this morning, which also supports the single currency.
However, it is the intervention of Powell before Congress on US to 16h, which will be the event most potentially decisive for the direction taken by the EUR/USD pair in the short term.
For more information on what to expect for the intervention of Powell today, see these two articles :
That it is necessary to monitor in the testimony of Powell before Congress on US?
Powell testifies Wednesday before Congress, and confirmation of a rate cut?
Technical analysis EUR/USD
From a graphical point of view, the rebound shown by EUR/USD this morning has very little meaning.
The movement will become more interesting from the point of view of a possible bullish reversal in the event of the passage above the moving average 100 hours to 1.1235, and, a fortiori, above the moving average 200 hours to 1.1275, but this is only in the case of a break above 1.13 we may assume that the bearish view is no longer current.
Conversely, if the decline continues under the support of 1.1180-1.12, the next bearish potential will be on 1.1150, then on the hollow annual 2019 at 1.1106.