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EUR/USD testing Monday’s high near 1.1070

FXStreet (Mumbai) - The EUR/USD pair extends its overnight side-trend as we progress towards the early European hours, although clings onto gains seen on Monday.

EUR/USD: Eyes 200-DMA at 1.1080

The EUR/USD pair trades modestly flat at 1.1060, easing-off two-day highs recorded at 1.1070 in mid-Asia. The main currency pair extends its ongoing recovery on the 1.10 handle and witnessed renewed buying interest around 1.1050 levels – confluence of hourly 20, 50- SMA and 5-DMA, driving the major near Monday’s high near 1.1070 region.

However, the sudden spurt of buying interest in the EUR/USD appears to lose steam heading into Europe as markets await fresh cues from the European opening bells after the Asian markets suffered from unfavourable risk-sentiment. The DAX futures lose -0.15% while the UK’s FTSE futures trade -0.18% lower, suggesting a subdued start for the European equities.

In the day ahead, markets now look forward to the crucial US durable goods and consumer confidence data for further momentum ahead of the Fed 2-day meeting start.

EUR/USD Technical Levels

The pair extends further above 1.1050 levels with the next the immediate resistance at 1.1080 (200-DMA, beyond which 1.1100 (round number) would be tested and from there to 1.1155 (100-DMA). While the immediate support in sight is located at 1.1006/00 (daily S1 + psychological levels), below which 1.0956/59 (daily S2 + Aug 11 Low) could be tested, a breach of the last would expose 1.0850 (August lows) levels.

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