The EUR/USD foreign exchange rate rebounded off its earlier lows Wednesday (1.3239), having now recovered its losses during US trading. In the United States, the Producer Price Index (YoY) came in at +2.1% in July, missing expectations of +2.4%. Moreover, the Producer Price Index ex Food & Energy (YoY) grew only +1.2% in July, against estimates calling for +1.4%. According to the Technical Analyst Team at ICN.com, “The EUR/USD failed to achieve gains that negates the technical formation that was considered the Rising Wedge Pattern (technical negative pattern) stochastic is showing a negative crossover below line 50, as RSI and Linear Regression Indicators are trading in a negative bias. Therefore, the possibility of extending the downside move is valid during the U.S. session. The pair has to confirm now stabilizing below 23.6% correction at 1.3250 to support our outlook for today.” The EUR/USD is has now recovered to 1.3261 in these moments, incurring a marginal decline of -0.01% off its opening during US trading. Briefing the technicals, the EUR/USD faces support at 1.3235 (August 13 low), ahead of 1.3194 (August 2 low), and 1.3169 (August 25 low).