EUR/USD clings to 1.1200 in Asia, German data eyed

The EUR/USD pair extends its side-trend into Asia this Thursday, after having witnessed limited reaction on the release of better-than expected US services, which raised odds for a Fed rate hike this year.

EUR/USD supported at 1.1200

Currently, EUR/USD trades dead flat at t 1.1204, easing-off session highs previously posted at 1.1213, where 5-DMA intersects. The main currency pair remains under mild bearish pressure, as the US dollar remains better bid across the board on the back of rising US treasury yields, in wake of auspicious US fundamentals-led increase in Fed rate hike prospects for this year.

Moreover, the funding currency euro take a hit from persisting better risk environment, and therefore, keeps the EUR/USD pair largely subdued. Markets now await the German factory orders, Eurozone retail PMI and ECB minutes due later in the European session ahead of the weekly jobless claims data from the US docket. Meanwhile, the US NFP report will take center-stage tomorrow.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1251 (Sept 30 high). A break beyond the last, doors will open for a test of 1.1286 (Sept 15 high) and from there to 1.1300 (round figure). On the flip side, the immediate support is placed at 1.1171 (100-DMA) below which 1.1145 (static support) and 1.1119 (Sept 21 low) could be tested.