EUR/USD Pulls Back from Session Highs Amid Technical and Economic Crosscurrents

The EUR/USD currency pair retreated from its session highs of about 1.1563 to trade at around 1.1522 on Wednesday.

This pullback occurred within an ascending channel formation on the 60-minute chart, where the pair has room left to run before crossing into oversold levels of the 14-hour RSI.

From a fundamental perspective, the EUR/USD traded during a relatively busy period in both markets. Germany's consumer price index for July matched forecasted changes of 0.8% and 2.8%, respectively, while the harmonized index for consumer prices was also in line with estimates.

Looking ahead to Thursday, traders will be watching EU industrial production data for June, as well as preliminary Q2 employment change and gross domestic product data on Friday.