EUR/USD back to square one after short-lived bounce

FXStreet (Córdoba) - The EUR/USD managed to recover from fresh 1-year lows during the European session, despite a series of disappointing Eurozone PMIs.

However, the euro lacked momentum and the bounce stalled at the 1.3145 area, confining the EUR/USD to a phase of consolidation. At time of writing, the pair is trading at 1.3135, virtually unchanged on the day. With all data out for the day and US markets closed for the Labor Day holiday, trading is expected to remain subdued over the next hours.

Meanwhile, the ECB meeting Thursday remains in the spotlight after Draghi hinted at further easing measures a couple of weeks ago in Jackson Hole. On Friday, the US will release the nonfarm payrolls, so traders may choose to stay in the sidelines ahead of these events.

EUR/USD technical levels

As for technical levels, immediate resistances could be found at 1.3145 (daily high), 1.3195 (Aug 29 high) and 1.3210 (10-day SMA). On the other hand, supports are seen at 1.3118 (Sep 1 low), 1.3104 (Sep 6 2013 low) and 1.3100 (psychological level).