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EUR/USD erases gains, Euro Stoxx futures up 0.20%

FXStreet (Mumbai) - The EUR/USD pair erased gains in early Europe on account of a moderate rise-on seen in the European equity futures.

Trades above weekly 50-MA

The pair bounced-off its weekly 50-MA located at 1.1353 earlier today, but is struggling to maintain gains now as moderate gains in the European equities is clipping wings of the EUR bulls. The pan-European Euro Stoxx 50 futures are up 0.20% on the day.

With a holiday in the US and an empty economic calendar in Europe, the trading volumes could remain low and the focus is likely to remain on the sentiment in the stock markets. Later in the day, Fed speak could influence the pair.

EUR/USD Technical Levels

At 1.1365, the immediate support is seen at 1.1353 (weekly 50-MA), under which the losses could be extended to 1.1315 (trend line support – May high to June high). A break below the same could expose 1.1248 (falling trend line support – Aug high to Sep high). On the higher side, immediate resistance is seen at 1.14, followed by Sep high of 1.1460.

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