EUR/USD rebounds near 1.2300 as USD recovers

US Dollar Index holds to gains but moved off highs. 
Greenback lost strength amid a retreat in US stocks. 

EUR/USD printed a fresh daily low during the American session at 1.2310, the lowest since Monday. From the lows rebounded and it was hovering near 1.2330, headed toward the second daily loss in-a-row but it still continues to move in a wide range. 

Earlier today, data from the US showed that weekly jobless claims dropped to 226K in line with expectations while the Empire Manufacturing Index jumped to 22.5 surpassing expectations. The negative report was the Philly Fed that came in at 22.3 in March, below estimates. 

Since last week ECB meeting the euro holds a bearish tone. The slide today of EUR/GBP contribute to the decline of EUR/USD. 

The greenback peaked recently and pulled back modestly. The US Dollar Index reached 90.06, a 3-day high and then retreated to 89.86. The move off highs took place also amid a retreat in equity prices. The Dow Jones was up 0.25%, however, earlier today was gaining more than 1%. 

EUR/USD levels to watch

To the downside, support levels are seen at 1.2300 followed by 1.2270/75 (Mar 9 low) and 1.2250. On the upside, resistance could be located at 1.2345 (Mar 14 low), 1.2380 (Mar 15 high) and 1.2395/1.2400.