EUR/USD: Upside capped by 10-DMA, but keeps 1.1000
|The ongoing recovery in the EUR/USD pair from the lowest levels since the Brexit-day lost legs at 10-DMA located at 1.1020, sending the rate lower to retest 1.10 handle.
EUR/USD: Focus on 20-DMA at 1.1050
Currently, EUR/USD trades +0.09% higher at 1.1005, having posted fresh 2-day highs at 1.1020 pre-European open. The main currency pair is seen making lower tops on the hourly sticks, and remains capped in a tight range amid a lack of fresh fundamentals drivers until the American session.
Moreover, the major consolidates above 1.10 handle, reversing a brief dip below the last, as persistent risk-off trades continue to offer support to the funding currency EUR.
Markets now await the US consumer confidence and new home sales data for fresh impetus on the USD moves, eventually impacting EUR/USD. While the US durable goods data and Fed decision due tomorrow remain in the spotlight.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance 1.1020 (10-DMA). A break beyond the last, doors will open for a test of 1.1050 (20-DMA). On the flip side, the immediate support is placed at 1.0950 (multi-week lows/ psychological levels) below which 1.0909 (June lows) could be tested.
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