EUR/USD Better Bid Above 1.1400, Awaits Fresh Impetus
The EUR/USD pair
extends its overnight consolidative phase into mid-Asia, after having
failed near 2016 highs in the last NY session, as bulls await fresh
incentives in the day ahead for further upside.
EUR/USD holds above 5-DMA
Currently,
EUR/USD trades modestly flat at 1.1406, struggling hard to keep the
bids on 1.14 handle. The main currency pair halted its retreat from near
2016 tops just ahead of 1.14 handle in the Asian morning, and now
attempts a minor pullback in a bid to regain lost ground somewhat.
On
Monday, amid a lack of fundamental drivers, the major rallied largely
on broad based US dollar selling, as uncertainty continues to loom over
Fed’s June rate hike prospects, while the US dollar hovers near fresh
eight-month low against its six major peers. The USD index attempts to
regain 94 handle, moving slightly away from multi-month troughs reached
at 93.74 the day earlier.
In the day ahead, markets await the
German datasets to provide fresh impetus to the EUR/USD pair in absence
of first-tier data releases from both continents today.
EUR/USD Technical Levels
In
terms of technicals, the pair finds the immediate resistance at
1.1446/55 (Apr 11 High/ 2016 high). A break beyond the last, doors will
open for a test of 1.1500 (psychological levels). On the flip side, the
immediate support is placed at 1.1384/72
(Market News Provided by FXstreet)
