EUR/USD pushes higher, but capped by 10-DMA

EUR/USD pushed higher and made fresh highs for the day at the beginning of the New York session but pulled back amid a string of mixed US data.

EUR/USD reached a peak of 1.0945 but the upside was limited by the 10-day SMA acting as dynamic resistance. The pair retreated to the 1.0930 zone, where it was trading still 0.4% above its opening price.

US data showed the Services PMI gauged by Markit rose to 54.8 in October, according to a preliminary estimate, above the 52.3 of consensus and expected. Meanwhile, US new home sales increased 3.1% in September from the prior month to a seasonally adjusted annual rate of 593,000 but stood below the 600,000 expected.

EUR/USD technical levels

In terms of technical levels, short-term resistances line up at 1.0947(10-day SMA), 1.1000/04 (psychological level/Oct 19 high) and 1.1038 (Oct 20 high). On the other hand, supports are seen at 1.0873 (Oct 26 low), 1.0850 (Oct 25 low) and 1.0821 (Oct 3 low).