EUR/USD: Minor-recovery on 1.06 handle capped by daily pivot

Dhwani Mehta FXStreet

The EUR/USD pair is seen wavering back and forth in a 20-pips narrow range above 1.06 handle on Friday, with the bulls lacking momentum amid broad based USD correction from Trump-backed massive sell-off.

EUR/USD: 1.0600 tested to the downside

Currently, the spot peeks into green at 1.0615, now looking to take-out the immediate resistance located at 1.0623. EUR/USD treads water so far this session, with markets eyeing a fresh batch of US economic releases, viz., retail sales, PPI and consumer sentiment, for fresh impetus on the buck.

The side-ways movement seen in the EUR/USD pair can be largely attributed to a brief consolidation phase seen in the US dollar against its main rivals, after the bulls took a breather from the overnight corrective rally, following Trump’s presser induced broad USD sell-off.

Next of note for the major remains the second-liner data in the form of Germany’s WPI numbers, while the main risk events remain the US dataflow and Fed official Harker’s speech due on the cards in the NA session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0650 (psychological levels). A break beyond the last, doors will open for a test of 1.0687 (5-week tops) and from there to 1.0700 (zero figure). On the flip side, the immediate support is placed at 1.0604 (daily low) below which 1.0587 (5-DMA) and 1.0550 (10-DMA) could be tested.

1. R3 1.0796
2. R2 1.0740
3. R1 1.0682
PP 1.0627
1. S1 1.0569
2. S2 1.0513
3. S3 1.0455

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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