The single currency is seen trading around a flat line against its American counterpart in the Asian session, keeping EUR/USD in tight range below 1.13 barrier.
EUR/USD awaits fresh impetus from German, US data
Currently, EUR/USD trades dead flat at 1.1294, fighting hard to break through 1.1300 levels. The main currency pair is seen consolidating the upside in the Asian trades, having witnessed a 120-pips massive rally on Tuesday following the dovish comments from Fed Chair Yellen.
The major jolted higher in the previous session and climbed to fresh weekly highs at 1.1303 as the US dollar was heavily offered after Yellen sounded concerned over the global economic developments and hence, turned cautious with regard to the monetary policy path.
Markets now gear up for fresh macro data from Germany as well as the US, which are expected to have major impact on the EUR/USD pair. We have the German Prelim CPI figures and ADP employment report from the US on the cards this Wednesday.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1339/44 (Mar 18 & 17 High). A break beyond the last, doors will open for a test of 1.1388/1.1400 (daily R2/ psychological levels). On the flip side, the immediate support is placed at 1.1220/17/ (10-DMA/ 1h 200-SMA) below which at 1.1191/87 (1h 100-SMA/ 20-DMA) could be tested.
(Market News Provided by FXstreet)