EUR/USD Keeps Range Near 1.1250, German IFO Eyed
The shared currency rebounds versus its American counterpart in a quiet Asian session, with EUR/USD consolidating near daily tops as focus now shifts towards the German data due later today.
EUR/USD finds bids near daily S1 at 1.1222
Currently,
EUR/USD trades 0.19% higher at 1.1244, having posted fresh session
highs of 1.1247 in the last hour. The main currency pair found fresh
bids near daily S1 and rebounded higher in the holiday-thinned Asian
session, having ended three back-to back sessions of steep losses,
induced by the ECB policy decision.
Moreover, the bulls turn
cautious at the start of FOMC week, with the Fed seen increasingly mixed
over the rate hike prospects, which appears to weigh on the US dollar
at the moment. The US dollar index, which measures the relative strength
of the greenback against a basket of six major currencies, edges -0.20%
lower to trade around 94.95 levels.
In absence of fundamental
drivers in the Asian session this Monday, attention now turns towards
the German IFO surveys due post-European open and the US new homes sales
data due to be reported in the NY session.
EUR/USD Technical Levels
In
terms of technicals, the pair finds the immediate resistance at
1.1276/79 (1h 50-SMA/ 10-DMA). A break beyond the last, doors will open
for a test of 1.1300 (round number). On the flip side, the immediate
support is placed at 1.1222/18 (daily S1 & low) below which at
1.1189 (50-DMA) could be tested.
