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EUR/USD: Above 50-DMA, at post-ECB high

FXStreet (Mumbai) - The USD is being offered across the board in the US session, taking the EUR/USD pair above its 50-DMA at 1.0956 levels.

Eyes 1.10

The currency pair bounced off from the strong support at 1.0890 (38.2% of 1.1495-1.0517) in Asia and made a steady progress towards 50-DMA throughout the European session. The sharp losses in the mining stocks across Europe and the resulting risk-off kept the bid tone on the EUR intact.

With US index futures pointing to a weak opening and broad based USD weakness, the pair appears on track to test 1.10 handle. As of writing, the pair is up almost 0.8% on the day around 1.0975 levels; just above the post-ECB high of 1.0891.

EUR/USD Technical Levels

The immediate resistance is seen at 1.10, which, if taken out shall open doors for a rise to 1.1030 (200-DMA), followed by 1.1060 (100-DMA). On the other hand, a break below 50-DMA at 1.0956 could trigger a sell-off to 1.0890 (38.2% of 1.1495-1.0517).

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