EUR/USD recovery gains momentum, back above 200-DMA at 1.1150

After an initial short-covering bounce, the EUR/USD pair gained further traction that lifted the pair back above 1.1100 handle (200-day SMA) to currently trade around mid-1.1150s.

Bears continue to dominate global financial markets on Friday after the final verdict of the crucial UK-EU referendum supported UK's departure from the European Union. However, few market participants considered this as an over-reaction as the public vote in itself doesn't take Britain out of the EU.

Moreover, reassurance from various central banks from major economies also seems to calm nervousness across global investment fraternity, providing some respite for the EUR/USD pair.

Immediate resistance now comes near 1.1200 handle and 200-day SMA around 1.1100 now turns immediate support to watch for.