The American dollar lost some of its positions last night and has given a chance for the euro to recover.

The USD eased off against major currencies throughout the night. This was largely due to somewhat disappointing statements from the Federal Reserve, which cast doubt on investors’ confidence in the dollar once more.

The EUR/USD is approaching the level of 1.19 steadily. The price level surpassed the 61% Fibonacci level (1.1876) overnight. There is some probability for the pair to switch its movement and back down to the nearby support at 1.1829.

Today we have some important data that may further strengthen the euro. For instance, the eurozone will release statistics on industrial production levels (where we expect growth), while the United States are publishing their numbers on the PPI, Unemployment Claims, and oil reserves.

As of the moment of this article’s publication the EUR/USD is trading around 1.1854 and the technical indicators recommend opening sell positions.