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EUR/USD off highs, wavers around hourly 100-SMA

FXStreet (Mumbai) - The post-FOMC recovery extends further beyond 1.10 barrier and the EUR/USD pair keeps pushing higher in the European session on the back of a broadly weaker US dollar and mixed performance seen in the European markets.

EUR/USD regains hourly 100-SMA

The EUR/USD pair trades 0.36% at fresh daily highs of 1.1017, finally breaking through the hourly 100-SMA barrier. The major keeps gains and recovers more than half the post-FOMC slide, as the greenback remains undermined across the board on the back of the recent series of downbeat US fundamentals.

The main currency pair also received fresh impetus from the negative sentiment around the European stocks which boosted the safe-haven bids for the euro. The DAX pares gains and now trades 0.15% to 10,820, the UK’s FTSE drops -0.17% to 6,384 while the Euro Stoxx 50 trades marginally lower at 3,410 points.

Meanwhile, markets ignored the downbeat German retail sales data as the focus now remains on the Eurozone CPI and employment data due later in the European session. Germany’s retail sales remained flat at 0.0% m/m in September, coming in below market expectations of a 0.4% increase.

EUR/USD Technical Levels

The pair remains firmer above 1.10 handle, with the immediate resistance seen at 1.1036 (daily R2). A break above the last, the prices could climb further towards 200-DMA at 1.1084 and from there to 1.11 handle. To the downside, the pair finds immediate support at 1.0955/50 (daily pivot/ psychological levels). Selling pressure will intensify below the last, dragging the pair towards 1.0900 (round number) and below that 1.0844/40 (daily S3/ Aug lows) could be exposed.

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