EUR/USD flat-lined around 1.0885, awaits German data

By FXStreet The EUR/USD pair extends its consolidative phase into early Europe and keeps range below 1.09 handle, largely unperturbed by the prevalent risk-sentiment.

EUR/USD capped below 100-DMA at 1.0897

Currently, EUR/USD trades modestly flat at 1.0885, having found good support near 1.0870 region. The main currency pair trades around a flat-line so far this session and fails every attempt to regain 100-DMA barrier.

The major finds support from a broadly lower US dollar after the yesterday’s dismal US pending home sales and Chicago PMI numbers. While the ongoing comments from the NY Fed President Dudley on the US economic outlook, also keeps the greenback on the back foot. The USD index slips -0.11% near fresh session lows of 98.11.

While the upside looks restricted mainly on the back of favourable risk sentiment as the Asian equities stage a solid rebound, and thereby, weigh on the safe-haven bids for the EUR. Looking ahead, markets now await the European open as well as the German employment data for fresh momentum on the pair.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.0897/1.0900 (100-DMA/ round number). A break beyond the last, doors will open for a test of …read more

Source:: FX Street