EUR/USD better bid above 1.1400, awaits fresh impetus

The EUR/USD pair extends its overnight consolidative phase into mid-Asia, after having failed near 2016 highs in the last NY session, as bulls await fresh incentives in the day ahead for further upside.

EUR/USD holds above 5-DMA

Currently, EUR/USD trades modestly flat at 1.1411, struggling hard to keep the bids on 1.14 handle. The main currency pair halted its retreat from near 2016 tops just ahead of 1.14 handle in the Asian morning, and now attempts a minor pullback in a bid to regain lost ground somewhat.

On Monday, amid a lack of fundamental drivers, the major rallied largely on broad based US dollar selling, as uncertainty continues to loom over Fed’s June rate hike prospects, while the US dollar hovers near fresh eight-month low against its six major peers. The USD index attempts to regain 94 handle, moving slightly away from multi-month troughs reached at 93.74 the day earlier.

In the day ahead, markets await the German datasets to provide fresh impetus to the EUR/USD pair in absence of first-tier data releases from both continents today.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1446/55 (Apr 11 High/ 2016 high). A break beyond the last, doors will open for a test of 1.1500 (psychological levels). On the flip side, the immediate support is placed at 1.1384/72 (1h 200-SMA/ daily S1) below which at 1.1315/1.1300 (20-DMA/ key support) could be tested.