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EUR/USD Bulls take a breather, eases-off highs near 1.1410

FXStreet (Mumbai) - The bulls faced fresh offers near the hourly R1 and eased-off fresh four-week highs in the mid-European session, with EUR/USD now wavering above 1.14 handle.

EUR/USD faces rejection at H1 R1 located at 1.1428

The EUR/USD pair trades 0.28% higher at 1.1412, with eyes set on the key 1.1460 levels – Sept 18 Highs. The EUR/USD pair regained 1.14 barrier and fades a spike to 1.1427 fresh monthly highs as the US dollar halted its downslide against its major peers.

Moreover, the minor recovery seen in the European stocks also eased the risk-off moods a bit, thus keep the major away from multi-week tops. The pan European benchmark, the Euro Stoxx 50 trimmed loses, to now trade -0.75% at 3,197 while the DAX recovers to 9,925 from session lows struck at 9,889, losing -1.05% so far.

Further, worse-than expectations industrial production data from the 19-member nations bloc also weighed on investors sentiment, thus capping further upside in EUR/USD. The industrial output in Euro zone decreased 0.5% m/m in August, compared to the last month's 0.8% increase. Markets had expected a -0.4% reading.

Looking ahead, markets await the US data releases for further cues on pair amid a data-light EUR calendar. Meanwhile, the pair will continue to track the broader market sentiment.

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 1.1427/28 (daily high & H1 R1), beyond which 1.1442-60 (Sept 17 & 18 Highs) would be tested. While the immediate support is located at 1.1378 (hourly 50-SMA, daily pivot & today’s low), a breach of the last would expose 1.1348 (hourly 100-SMA).

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