EUR/USD rejected at hourly 100-MA, hovers around 1.10

By FXStreet FXStreet (Mumbai) – The EUR/USD failed to sustain above hourly 100-MA at 1.1012 and quickly shed 30 odd pips before moving closer to 1.10 again.

Supported by hourly 50-MA

The pair found support at its hourly 50-MA located at 1.0980, although the broad based USD selling came to a halt, keeping the pair around 1.10 levels. The weaker-than-expected German retail sales figure released few minutes ago was overshadowed by a wave of USD selling.

The attention now shifts to the preliminary Eurozone CPI figure, which will be followed by a monthly US personal spending and income report.

EUR/USD Technical Levels

The immediate resistance is located at 1.1012 (hourly 100-MA), above which the pair could target 1.1088 (50% of Mar-Aug rally). The next major resistance is seen at 1.1110 (200-DMA). On the other side, support is seen at 1.0980 (hourly 50-MA) and 1.0940 (61.8% of Mar-Aug rally).
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Source:: FX Street