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EUR/USD drops below 1.10, Euro Stoxx futures up 0.20%

FXStreet (Mumbai) - The bid tone on the USD gained traction in early Europe, pushing the EUR/USD pair to a low of 1.0987 levels as the Euro Stoxx 50 futures trade firmer.

Rejected at 200-DMA

The spot failed to sustain above 200-DMA at 1.1030 and was rejected at the same in Asia today, following which the pair dropped below 1.10 handle. The uptick in the major European equity futures is weighing over the common currency.

The Euroland data docket is empty, hence the traders would continue to track the equity markets in Europe. Later today, the US weekly jobless claims could influence the pair.

EUR/USD Technical Levels

At 1.0990, the pair faces immediate hurdle at 1.1006 (50% of 1.1495-1.0517) ahead of the 200-DMA resistance at 1.1030. A break higher would expose 1.1060 (100-DMA). On the other hand, a break below 50-DMA at 1.0953 would open doors for a drop to 1.0890 (38.2% of 1.1495-1.0517).

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