EUR/USD re-attempts 1.0500 ahead of German data

EUR/USD is seen reversing a part of yesterday’s declines and remains poised to regain 1.05 handle amid broad based US dollar retreat, while the shared currency appears to resume last week’s winning streak.

EUR/USD still below 5-DMA at 1.0495

Currently, the spot advances +0.33% to 1.0488, flirting with fresh daily tops of 1.0490. The bulls are seen consolidating the Asian recovery, and now await fresh fundamental drivers in the form of German datasets, which may provide fresh impetus to the euro.

Meanwhile, the major finds support from a minor-retreat in the US dollar against its main competitors, as the greenback stalls its pullback from last week’s profit-taking slide.

Later today, the major will get influenced by the Eurozone, German prelim CPI and jobs data, while the US ISM manufacturing PMI due out in the NA session will also grab a lot of eyeballs.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0534 (2017 high). A break beyond the last, doors will open for a test of 1.0550 (psychological levels) and from there to 1.0600 (zero figure). On the flip side, the immediate support is placed at 1.0472 (10-DMA) below which 1.0450 (key support) and 1.0404 (Dec 29 low) could be tested.