EUR/USD clings to modest recovery gains near 1.1750

• EUR/USD pair looks to snap six-day losing streak.
• US Dollar Index stays in the negative territory below 93.00.
• Inflation in US stayed unchanged at 5.4% on a yearly basis in July.

The EUR/USD pair stayed under modest bearish pressure in the first half of the day on Wednesday and extended its slide toward 1.1700. With the greenback coming under selling pressure during the American trading hours, however, the pair managed to stage a rebound and was last seen gaining 0.22% on the day at 1.1745.

USD valuation drives EUR/USD movements

The data published by the US Bureau of Labor Statistics revealed earlier in the day inflation, as measured by the Consumer Price Index (CPI), stayed unchanged at 5.4% on a yearly basis in July. Additionally, the annual Core CPI, which excludes volatile energy and food prices, edged lower to 4.3% from 4.6% in the same period.

This report caused the USD to weaken against its rivals and the US Dollar Index (DXY) reversed its direction after rising to a fresh multi-month high. Currently, the DXY is down 0.22% on the day at 92.86.

In the meantime, Kansas City Federal Reserve President Esther George noted that the time has come to "dial back the settings on the monetary policy" but this comment failed to help the greenback gather strength.

On Thursday, June Industrial Production data will be featured in the European economic docket. Later in the day, the weekly Initial Jobless Claims and the Producer Price Index data from the US will be looked upon for fresh impetus.

Technical levels to watch for