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EUR/USD picks up pace as European equity futures drop

FXStreet (Mumbai) - The EUR/USD witnessed a minor spike in early Europe as the major European equity futures pointed to a weak opening on the bourses.

Trades above hourly 100-MA

At 1.0630, the pair is trading above its hourly 100-MA located at 1.0627 levels. Euro jumped more than 25 pips to 1.0637 as the pan-European Euro Stoxx 50 futures indicated the index could open 15 points or 0.43% lower. DAX futures and FTSE futures are also down 0.4%.

Meanwhile, German import price index was reported lower than estimates, but failed to have any impact on the pair. Ahead in the day, the pair could follow EUR/GBP cross and the action in the equity markets.

EUR/USD Technical Levels

The immediate resistance is seen at 1.0649 (hourly 200-MA), above which the gains could be extended to 1.0689 (Nov 25 high). On the other side, support is seen at 1.06, under which the losses could be extended to 1.0566 (Nov 25 low).

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