EUR/USD side-lined around 1.1300 ahead of German data
|The EUR/USD pair reverses a spike above 5-DMA and now consolidates in a narrow range around 1.13 handle amid a broadly higher US dollar and mixed Asian markets.
EUR/USD: eyes 10-DMA at 1.1281
Currently, EUR/USD trades 0.08% lower at 1.1297, testing session lows struck at 1.1294 in early Asia. The common currency remains under pressure versus its American rival in the Asian trades, although the bears are seen taking a breather after the overnight sell-off from near 1.1340 region.
The EUR/USD pair fails to benefit from the cautious tone persisting in the markets, as the US dollar remains bid against its major peers on the back of upbeat US new home sales data, The USD index now hovers near session tops printed at 94.63, up +0.10% so far.
The immediate focus now remains on the German final GDP report ahead of the US existing home sales data. While the main risk events for the major remains the Jackson Hole Symposium that commences tomorrow and Friday’s US GDP figures.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance 1.1367 (post-Brexit high). A break beyond the last, doors will open for a test of 1.1400 (round figure). On the flip side, the immediate support is placed at 1.1281 (10-DMA) below which 1.1209/04 (20 & 100-DMA) could be tested.
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