The recovery in EUR/USD from near 1.0550
region lost legs at daily highs of 1.0575, with the bears retaining control
somewhat amid a rebound in the US treasury yields.
In terms of technicals, the pair finds the immediate
resistance 1.0620 (weekly highs). A break beyond the last, doors will open for
a test of 1.0636/39 (50 & 100-DMA) and from there to 1.0682 (Feb 16 high).
On the flip side, the immediate support is placed at 1.0520 (Jan 6 low) below
which 1.0500 (psychological levels) and 1.0478 (Jan 5 low) could be tested.
Current exchange rate of EUR/USD pair is 1.0568.
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