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EUR/USD sustains above 1.12 as US stocks struggle

FXStreet (Mumbai) - The EUR/USD pair hovers above 1.12 handle as the US stocks are struggling hard to maintain the positive tone in the early session.

Stuck between hourly 100-MA and 200-MA

The pair is trading between the hourly 100-MA and hourly 200-MA currently located at 1.1202 and 1.1230 respectively. Euro found fresh bids around hourly 100-MA as the stock markets in the US began the day on a nervous note. The Dow Jones futures earlier today were indicating the index could open moderately higher.

However, the index opened on a flat note and is working hard to stay positive on the day. Consequently, the EUR found support around 1.12 handle and recovered to trade around 1.1225 levels. The focus now shifts to the US consumer confidence figure due for release later today.

EUR/USD Technical Levels

At 1.1206, the immediate resistance is located at 1.1230 (hourly 200-DMA), followed by a major hurdle at 1.13 levels. On the other hand, support is seen at 1.1182 (200-DMA) and 1.1145 (100-DMA).

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