EUR/USD catches fresh bid tone, 1.09 on sight

By FXStreet FXStreet (Mumbai) – Having bottomed near 50-DMA at 1.0837 in the last US session, the EUR/USD pair extends its overnight recovery mode into mid-Asia and now looks to retest 1.09 handle.

EUR/USD founds fresh bids at hourly 200-SMA at 1.0844

Currently, the EUR/USD pair trades 0.16% at fresh session highs of 1.0884, on its way to 1.0900. The main currency pair’s recovery gained momentum in recent dealings after the Asian stocks rebound faltered, with major regional indices reverting to the red zone. Japan’s Nikkei pared gains and now trades 0.17% higher, Australia’s S&P/ASX turned negative, down -0.37%. While the Chinese benchmark, the Shanghai Composite index drops -1.30%.

Adding to the upbeat sentiment around EUR/USD, the greenback loses ground across the board, with the DXY now losing -0.10% to 99.02 levels. On Thursday, the major came under renewed selling pressure and tested the 50-DMA, after the ECB minutes turned out more dovish, with most policy makers favouring a bigger (20bps) depo rate cut.

Looking ahead, we have a data-quiet EUR calendar today, with the only Euro zone trade balance on the cards. Hence, attention now shifts towards a host of US macro data, including the crucial retail sales, industrial production and consumer sentiment, …read more

Source:: FX Street