EUR/USD better bid above 1.0900, German CPI eyed

Dhwani Mehta FXStreet

The EUR/USD pair bounces-off a dip below 1.09 handle and trades modestly higher as we head into the early European trading.

EUR/USD awaits German CPI, US GDP

Currently, EUR/USD trades +0.07% higher at 1.0905, having posting daily highs at 1.0911 last hours. The main currency pair managed to regain 1.09 handle and now struggles to extend gains beyond the last, as the funding currency status of the euro remains at risk amid positive Asian equities and higher oil prices, which suggest risk-friendly market environment.

Moreover, a minor correction staged by the US dollar against its major peers after yesterday’s extensive rally, backed by the US bonds rout, also lends a hand to the recovery in the EUR/USD pair.

Later today, the major is expected to get influenced by the German CPI and Spanish GDP data that will be published in the European session. While the main risk event for the major today remains the first estimate of the US Q3 GDP due to be reported in the NA session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0913 (10-DMA). A break beyond the last, doors will open for a test of 1.0947 (Oct 27 high) and from there to 1.1000 (key resistance). On the flip side, the immediate support is placed at 1.0850 (psychological levels) below which 1.0820 (March lows) and 1.0800 (round figure) 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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