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EUR/USD testing 1.1400 in early moves

FXStreet (Mumbai) - A renewed bout of buying interest is witnessed in the EUR/USD pair in the early European trades, with the major now attempting to regain 1.14 handle.

EUR/USD consolidates below 1.14

The EUR/USD pair trades 0.14% higher at 1.1395, finding strong upside hurdle at the daily R3 placed at 1.1398. The EUR/USD pair extends its sub-1.14 consolidative mode into Europe, having found strong support at the hourly 5—SMA and daily pivot intersection near 1.1380 levels.

The shared currency continues to remain on the bids versus the US dollar, as the prevalent risk-off market profile, accentuated by yet another Chinese disappointment in the form softer CPI figures (1.6% versus 1.8% expected), benefiting the safe-haven status of the euro.

While markets moved past the poor ZEW index and now turn their attention towards the crucial US datasets, including the Sept retail sales and PPI numbers, lined up for release later today.

In the day ahead, the pair will continue to track the risk conditions persisting in the markets with the European open awaited for further momentum.

EUR/USD Technical Levels

The pair keeps the bid tone intact, supported by higher daily RSI and the pivot. On its way up, the major faces immediate resistance at 1.1400/11 (round number & Oct 13 High), beyond which 1.1442-60 (Sept 17 & 18 Highs) would be tested. While the immediate support is located at 1.1376/78 (hourly 50-SMA, daily pivot & today’s low), a breach of the last would expose 1.1344 (hourly 100-SMA).

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