EUR/USD is making recovery attempts from 200-DMA support and now tests daily highs in a bid to regain 5-DMA as the USD bulls take a breather after last week’s extensive rally.
EUR/USD advances ahead of German CPI
Currently, EUR/USD trades +0.11% higher at 1.1127, bouncing-off 200-DMA support located at 1.1098. The main currency pair extends its recovery mode into the European session, with the upside facing minor resistance in the form of higher equities and a lack of fresh fundamental triggers as the US and London markets remain closed on account of public holiday.
Moreover, the major also finds support from a halt in the USD buying as markets consolidate previous heavy gains heading into the NFP week. Meanwhile, the US dollar index, which gauges greenback’s strength against its six major peers, trades modestly flat at 95.77.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1140/58 (5-DMA/ 1h 100-SMA). A break beyond the last, doors will open for a test of 1.1200 (round number). On the flip side, the immediate support is placed at 1.1098 (200-DMA) below which at 1.1055 (Mar 16 Low) could be tested, according to HY Markets analysts (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
