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EUR/USD hits fresh lows at 1.1240 in early moves, EZ data eyed

FXStreet (Mumbai) - The EUR/USD pair continues to trade around a flat-line heading towards early European hours, as EUR bulls remain on the back-foot amid improving risk-appetite while awaiting the crucial EZ inflation figures.

EUR/USD supported above hourly 50-MA

The EUR/USD pair trades modestly flat at 1.1246, finding major resistance at 1.1260 levels. The main currency pair appears to have met fresh sellers in the early dealings in anticipation of a flat reading for the Euro zone inflation data.

EUR/USD stalled its recovery near 1.1260-1.1265 region, from below 1.12 barrier after rebounding Asian stock markets boosted the risk-on flows, thus diminishing the bids for funding currency in the euro.

Later in the day, a batch of economic data from the Euro zone and Germany will be reported, which is likely to have major impact on the EUR/USD pair. While US employment data and Yellen’s speech will be also closely eyed.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1296 (Sept 24 High), above which gains could be extended to 1.1331 (Sept 21 High) levels. On the flip side, support is seen at 1.1200 (Psychological levels) below which it could extend losses to 1.1163 (Sept 24 Low) levels.

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