EUR/USD re-takes 1.0600 ahead of ECB Draghi

The EUR/USD pair is seen making attempts once again to survive above 1.06 handle as we head into early Europe, with the bulls finding some support from a minor-correction staged by the US dollar against its major peers.

EUR/USD: Recovery stalls near 5-DMA at 1.0617                                           

Currently, EUR/USD trades +0.11% higher at 1.0601, now looking to take-out 5-DMA barrier. The main currency pair remains better bid in the early European trading, as the greenback corrects a part of last week’s strong gains, with the USD index now extending its retreat from multi-year highs reached at 101.54 last Friday.

Markets now look forward to a big week ahead, with the highly influential FOMC Minutes on the cards, besides, the Euro area flash manufacturing PMI reports, US durable goods data and German Ifo surveys will be reported this week.

Meanwhile for today, the major will take cues from the US dollar price-action and persisting risk-trends in the markets for the next move, in absence of key fundamental triggers.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0614/17 (daily high/ 5-DMA). A break beyond the last, doors will open for a test of 1.0645 (Nov 18 high) and from there to 1.0700 (round figure). On the flip side, the immediate support is placed at 1.0579 (daily lows) below which 1.0567 (multi-month low) and 1.0556 (Nov 2015 low) could be tested.

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