EUR/USD turns positive at 1.1065, German CPI eyed

The EUR/USD pair bounced-off 1.1050 support and now peeps into the green territory, as the bulls fight hard to reclaim 1.11 handle amid resumption of the post-Brexit broad based USD correction.

EUR/USD flirts with 5-DMA at 1.1065

Currently, EUR/USD trades modestly flat at 1.1066, heading higher in an attempt to test daily highs previously posted at 1.1082. The main currency pair is seen attempting gains as the US dollar extends its retreat, after a minor pullback seen yesterday on the release of better-than expected US GDP and consumer confidence data. The USD index now trades -0.06% lower near session lows of 96.09.

The focus now is slowly turning towards fundamentals with the German prelim CPI lined up for release ahead of the US dataflow, including the core PCE index, personal spending and pending home sales data for today. While EU Summit –second day will continue to hog the limelight.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1083 (Monday’s high). A break beyond the last, doors will open for a test of 1.1100 (200-DMA). On the flip side, the immediate support is placed at 1.0971 (Jun 26 low) below which at 1.0913 (Brexit low) could be tested.