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EUR/USD: Bulls rescued at hourly 100-SMA, rises 1.1020

FXStreet (Mumbai) - The EUR/USD pair extends its consolidative phase into late-Asia, although the shared currency remains better bid on the back of broad based US dollar retreat.

EUR/USD holding above 1.10 handle

The EUR/USD pair trades modestly flat near fresh session highs of 1.1020, having found strong support just ahead of 1.10 barrier. The downslide induced by upbeat US manufacturing PMI reports halted near 1.1010 region, where the 5 & 10-DMA intersect. The renewed bids resurfaced at the last, driving EUR/USD towards daily highs.

Adding to the upbeat sentiment around EUR/USD, the greenback corrects lower against its major peers after the recent strength. The recent set of US manufacturing PMI reports from both Markit and ISM beat estimates and boosted growing expectations surrounding Dec Fed rate hike, thus lifting the USD.

Markets now await fresh incentives from the European open amid a data-dry EUR calendar ahead. While US factory data and ECB Draghi’s speech due later in the New York session will be closely eyed.

EUR/USD Technical Levels

The pair holds firmly above 1.10 handle, with the immediate resistance seen at 1.1045/53 (daily R1 + Nov 2 high). A break above the last, the prices could climb further towards 200-DMA at 1.1090 and from there to 1.11 handle. To the downside, the pair finds immediate support at 1.1010/1.1008 (5 & 10-DMA). Selling pressure will intensify below the last, dragging the pair towards 1.0964 (Oct 30 Low) and below that 1.0900 (round number) could be exposed.

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