EUR/USD finds buyers around 1.1170 on ECB

EUR/USD is now attempting a rebound after bottoming out in the 1.1170 region during the European morning, turning positive for the day.

EUR/USD somewhat bid on ECB headlines

Spot seems to have regained some attention following the ECB’s Financial Stability Review. At its report, the central bank noted that Brexit is not one the main concerns for the financial stability in the region, adding that risks to euro zone sovereign debt sustainability have increased in past months.

The pair has managed to retake the positive territory following yesterday’s deep pullback from fresh 6-month tops near 1.1270, although it remains under pressure against the backdrop of USD recovery and the publication of the FOMC minutes later in the NA session.

Looking ahead, President Mario Draghi is due to speak at the First Conference on Financial Stability in Madrid and Board member Peter Praet will give a speech in Sofia.

Across the pond, the already mentioned FOMC minutes will be the main event risk, seconded by the weekly report on crude oil inventories by the EIA and April’s Existing Home Sales.

EUR/USD levels to watch

At the moment, the pair is advancing 0.05% at 1.1189 facing the next resistance at 1.1267 (2017 high May 23) followed by 1.1300 (high Nov.9 2016) and finally 1.1367 (high Aug.18 2016). On the downside, a break below 1.1160 (low May 22) would target 1.1073 (76.4% Fibo of 1.1300-1.0339) en route to 1.1003 (20-day sma).