FXStreet (Mumbai) – The recent downward spike in the EUR/USD pair found fresh support near the hourly 50-SMA, driving he major back near the mid-point of the 1.10 handle.
EUR/USD bounces-off lows near 1h 50-SMA
The EUR/USD pair trades -0.09% lower at 1.1048, recovering slightly from fresh daily lows reached at 1.1036 in last hours. The main currency pair attempts a weak recovery from lows and tries to regain lost momentum amid stabilizing European stocks and a broadly muted greenback.
The European traders now eagerly await fresh incentives from the upcoming US consumer durable goods, S&P/CS composite-20 HPI and consumer confidence data for further direction on the EUR/USD pair. Besides, the Fed 2-day policy meeting begins later today, triggering nervousness across the board.
While markets moved past the dismal Euro zone M3 money supply. Euro Zone M3 money supply rose to 4.9%, from 4.8% in the preceding month, missing expectations of a 5.0% rise.
EUR/USD Technical Levels
The pair re-attempts 1.1050 levels and heads once again towards 1.1070 (Monday’s High + Today’s High), beyond which the immediate resistance at 1.1080 (200-DMA) would be tested. A break above the last, 1.1100 (round number) would come into the picture. While to the downside, the immediate support in sight is located at 1.1036 (Today’s low), below which 1.1006/00 (daily S1 + psychological levels) might be reached. Selling pressure will intensify below the last, dragging the pair towards 1.0956/59 (daily S2 + Aug 11 Low).
(Market News Provided by FXstreet)