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EUR/USD: Rejected near hourly 200-SMA, tests 1.0650

FXStreet (Mumbai) - The EUR/USD pair met fresh supply near 200-SMA at 1.0680 and reverted to familiar ranges around 1.0655 levels, as the US dollar recovered partial losses against its major peers.

EUR/USD remains below 10-DMA at 1.0664

Currently, the EUR/USD pair trades 0.10% higher at 1.0654, testing good support at hourly 20-DMA (1.0652). The main currency pair failed near hourly 200-SMA and dropped sharply to the hourly 20-SMA, where bids re-emerged taking the prices back towards 1.0670 region.

The renewed bout of risk-aversion seen in Asia as traders continue to weigh the persisting geo-political risks, continue to aid the recovery in the EUR/USD pair from multi-month lows. Although the pair lacked follow-through and hovers within previous trading range centered around 1.0650 levels.

In the day, there is nothing relevant in terms of economic news in the EUR calendar and hence, the focus now remains on the US macro releases, with the durable goods and Core PCE index in the spotlight.

EUR/USD Technical Levels

The pair trades firmly above 1.06 handle, with the immediate support seen at 1.0639 (1h 50-SMA). Selling pressure will intensify below the last, dragging the pair towards 1.0600/1.0593 (round number/ Nov 23 Low). While to the upside the next hurdle in sight is located at 1.0681 (1h 200-SMA) and from there to 1.0700 (round number).

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