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EUR/USD: Offered at hourly 200-MA, drops to 1.0650

FXStreet (Mumbai) - The EUR/USD pair ran into offers around the hourly 200-MA at 1.0675 and fell back to 1.0650 as the European stocks extended early gains.

Nears hourly 50-MA

The pair is now trading within touching distance from the hourly 50-MA located at 1.0642 levels. The European markets opened with a mild positive tone, but went on to extend gains to trade almost 0.505 points higher on the day.

Consequently, the short-covering in the EUR ran out of steam, making way for fresh offers. The traders now await the US personal spending and corporate spending (durable goods orders) data.

EUR/USD Technical Levels

The pair could extend the drop to 1.07 levels in case the immediate support at 1.0642 (hourly 50-MA) is breached. Below 1.07, the doors will be open for a slide to 1.0520-1.05 handle. On the higher side, hourly 100-MA and hourly 200-MA at 1.0661 and 1.0675 would offer resistance, above which major hurdle is seen at 1.07.

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