EUR/USD turns positive near 1.0980, IFO eyed

The bulls are seen gathering pace for a break to the upside, with the EUR/USD pair now catching fresh bids to take on the recovery from 1.0953 in early Europe.

EUR/USD: 1.0950 or 1.1000 on German data?

Currently, EUR/USD trades modestly flat at fresh session highs of 1.0979, eyeing for a test of 1.10 handle. The main currency pair’s recovery from 1.0950 region gained further traction in early trades, lifting the shared currency back on the bids versus its American counterpart

The EUR/USD pair is seen consolidating the downside near monthly lows after the US dollar regained lost ground, following last week’s upbeat US economic releases, which increased odds for a Sept rate hike.

Looking ahead, we have the German Ifo survey on the card this Monday, while all eyes remain on the Fed verdict due later this week for any hints on a Sept Fed rate hike as well as any change of tone in Yellen’s comments.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1000 (round number). A break beyond the last, doors will open for a test of 1.1027 (10-DMA). On the flip side, the immediate support is placed at 1.0953/50 (multi-week lows/ psychological levels) below which 1.0909 (June lows) could be tested.