The euro has started to come back under selling pressure against the US dollar after buyers failed to hold onto the 1.1600 level. Further intraday declines in the EURUSD pair remains increasingly likely if the 1.1580 support level is breached for a sustained period. Traders will look to take direction from US inflation, as the July Producer Price Index is released.
The EURUSD pair is only intraday bearish while trading below the 1.1580 level, key support is still found at the 1.1553 and 1.1527 levels.
If the EURUSD pair moves above the 1.1600 resistance level, buyers are likely to test towards the 1.1635 and 1.1681 resistance levels.
