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EUR/USD cracks 100-DMA, 1.1100 on sight

FXStreet (Mumbai) - The EUR/USD pair extends its weakness heading towards the European opening bells, having faced fresh offers near 1.1175-1170 region in the early Asia, as the shared currency was sold-off amid rising appetite for riskier assets and better China data.

EUR/USD keeps falling on USD strength

The EUR/USD pair trades -0.25% lower at 1.1146, hovering close to fresh session lows reached at 1.1144 in last minutes. The common currency remains offered and broke below the crucial 100-DMA located at 1.1150 versus the US dollar in early moves as markets prefer to hold the risk-currencies such as the greenback amid better risk conditions.

The latest releases of upbeat China manufacturing reports and rallying Asian indices continue to boost the global sentiment and thus diminish the bids for safe-haven/ funding currency in the euro.

Later in the day, a raft of final manufacturing PMI reports from across the Euro zone economies will dominate the otherwise quiet EUR calendar, with limited impact expected on the major.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1179 (Today’s High), above which gains could be extended to 1.1204 (50-DMA) levels. On the flip side, support is seen at 1.1100 (Psychological levels) below which it could extend losses to 1.1079 (200-DMA) levels.

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