EUR/USD re-attempts 1.1000 on cross-driven demand

EUR/USD maintains the bid tone in the European session and gathers pace for a decisive break above 1.10 handle, in response to broad USD weakness and cross-driven strength.

EUR/USD awaits US ISM PMI                                                                            

Currently, EUR/USD trades +0.14% higher at fresh eight-day highs of 1.0995, eyeing a break above 1.1000. The main currency pair’s recovery from 1.0960 region gains traction post-European open, largely on the back of cross-driven demand for the common currency. Both the EUR/JPY and EUR/GBP cross trade on a firmer footing, providing much-needed support to the EUR bulls.

Additionally, resumption of USD selling across the board, after a brief phase of consolidation seen during the Asian hours, also collaborates to the upbeat sentiment seen behind the EUR/USD pair.

Later today, the major is likely to get influenced significantly by the US ISM manufacturing PMI gauge, which will be published later in the NA session. While the Fed’s interest rates decision due tomorrow is also expected to remain on the investors’ minds.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1000 (key psychological barrier). A break beyond the last, doors will open for a test of 1.1050 (psychological levels) and from there to 1.1100 (key resistance). On the flip side, the immediate support is placed at 1.0926 (10-DMA) below which 1.0900 (round figure) and 1.0886 (daily S3) could be tested.