The bullish momentum seen in the EUR/USD pair appears to have lost steam just below 10-DMA at 1.1078, sending the prices slightly lower towards the mid-point of 1.10 handle.
EUR/USD eases as USD pares losses
Currently, EUR/USD trades 0.34% higher at 1.1054, retreating from fresh session highs printed at 1.1069 during mid-Asia. The main currency pair halted its recovery mode and now drifts slightly lower, as the USD dollar trims losses versus its major peers.
However, fading risk-on trades after the Asian indices pared gains, keeps the EUR supported against the greenback. Meanwhile, markets now await the European open for further direction on the major, ahead of the German prelim CPI data. While a host of US macro releases, including the influential US Q4 GDP data will remain the main market mover today.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1081/1100 (1h 200-SMA/ round number). A break beyond the last, doors will open for a test of 1.1137/40 (Feb 19 & 22 High). On the flip side, the immediate support is placed at 1.1025/22 (200-DMA/ daily low) below which at 1.0987 (50-DMA) could be tested.
(Market News Provided by FXstreet)