EUR/USD on the offers below 100-DMA, Fedspeaks eyed

The EUR/USD pair faced rejection at 1.07 handle and from there extends its retreat, as the USD bulls remain on the front foot across the board, despite subdued treasury yields.

EUR/USD hovers near daily pivot

Currently, the spot drops -0.12% to 1.0684, testing bids once again at 1.0678 levels. The EUR/USD pair keeps losses in spite of the weaker performance seen in the US treasury yields across the curve, as the major suffers from resurgence of broad based US dollar demand after a temporary reversal seen in the USD index. The USD index now trades +0.17% higher at 100.31, aiming to regain 100.50 barrier.

Looking ahead, the French-German yield differential will remain in focus to gauge the next direction in the spot. While EUR/USD may also get influenced by the German trade balance and US jobless claims data due later in the NA session. Besides, speeches from Fed officials Evans and Bullard will also hog the limelight.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0700 (zero figure). A break beyond the last, doors will open for a test of 1.0719/23/40 (5, 20 & 10-DMA) and from there to 1.0780 (key resistance). On the flip side, the immediate support is placed at 1.0655 (Jan 26 low) below which 1.0617 (Jan 30 low) and 1.0593 (50-DMA) could be tested.