EUR/USD: Fresh bids emerge near 1.1290, ECB in focus

Dhwani Mehta FXStreet

The shared currency recovers losses and returns to the positive territory versus the American dollar in the mid-Asian trades, with EUR/USD now striving hard extend gains above 1.1300.

EUR/USD eyes on 5-DMA at 1.1314

Currently, EUR/USD trades modestly flat at 1.1298, attempting a minor-recovery from fresh session lows reached at 1.1288 in early Asia. The main currency trades is now consolidating the downside around 1.13 handle, having stalled its overnight sharp decline near 1.1290 region earlier on the day.

The EUR/USD pair dropped 1 big figure in the last US session, as the prices ran through fresh sellers at the key resistance near 1.14 handle. Fundamentally, upbeat existing home sales data offered the much-need respite to the USD bulls, and triggered a fresh rally in the US dollar against its major competitors. The US dollar index rebounded from six-day lows post-US data and printed highs at 94.56 yesterday, where it now wavers.

Later today, the main risk event for the EUR/USD pair is expected to be the ECB monetary policy decision along with Draghi’s press conference, with markets looking forwards to the new surprises from the ECB president.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1350/52 (round number/ 20-DMA). A break beyond the last, doors will open for a test of 1.1393/1.1400 (Apr 13 High/ round number). On the flip side, the immediate support is placed at 1.1272/64 (Apr 18 & 13 Low) below which at 1.1201 (50-DMA) could be tested.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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