FXStreet (Mumbai) – The EUR/USD pair neared 1.12 levels in early Europe as the major European stock futures hint at a loss of upside momentum after sharp rally on Monday.

Funding currencies bid in early Europe

The uptick in the EUR is in line with the strength seen in the other traditional funding currency – JPY. At the moment, the German Dax futures point to a flat opening, while France’s CAC futures are pointing to a weak opening. In the US, the S&P futures are down 0.4%.

Consequently, the common currency turned a blind eye towards the weak German factory orders report to hit a session high of 1.1197. The spot now trades around 1.1193 levels.

EUR/USD Technical Levels

The immediate resistance is seen at 1.12, above which the pair could target 1.1281 (Sep 29 high). On the other side, support is seen at 1.1157 (200-DMA) and 1.1139 (100-DMA).

The EUR/USD pair neared 1.12 levels in early Europe as the major European stock futures hint at a loss of upside momentum after sharp rally on Monday.

(Market News Provided by FXstreet)

By FXOpen