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EUR/USD: Offered at key resistance, Risk-on capping gains

FXStreet (Mumbai) - The EUR/USD pair was once again offered in the key resistance zone of 1.1280-1.13 levels as the rally in the European stocks weighed over the EUR and other funding currency.

Euro falls to 1.1260, Stoxx rises 3%

The common currency now trades around 1.1260 levels with the pan-European blue chip Euro Stoxx 50 index trading 3% higher on the day. The “bad news is good news” trade witnessed in the US stocks on Friday has been extended in Europe today.

The US calendar offers critical ISM non-manufacturing release, with markets more likely to focus on the employment sub index. Furthermore, the risk-on in the US stocks could also affect the pair.

EUR/USD Technical Levels

The pair could rise to 1.1373 (Sep 14 high) once the offers in the range of 1.1280-1.13 are taken out. On the downside, a break below 1.12 could open doors for a sell-off to 1.1162 (200-DMA).

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