EUR/USD fails to sustain the recovery above 100-DMA

The EUR/USD pair stalled its corrective slide in the European session, and continues to move back and forth in a 20-pips slim range, in sync with a pause in the USD relief rally seen across the board.

EUR/USD unmotivated by mixed EZ PMIs

Currently, the spot now drops -0.35% to 1.0741, looking to test 5-DMA support placed at 1.0717. The main currency pair keeps the offered tone intact as the US treasury yields extend the rebound, and help boost greenback’s demand versus its main rivals.

Moreover, EUR/USD also remains under pressure amid fresh selling seen in the EUR/GBP cross, following a spike to daily tops after the UK’s Supreme Court Brexit decision, which knocked-off GBP across the board. The UK Supreme Court decision reflected that the British Govt requires parliamentary assent to start Brexit process.

Furthermore, a series of mixed flash manufacturing PMI reports, also failed to impress the EUR bulls. Next of relevance for the  major remains the US existing home sales and flash manufacturing PM release for fresh incentives.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0772 (multi-week high). A break beyond the last, doors will open for a test of 1.0800 (zero figure) and from there to 1.0831 (daily R2). On the flip side, the immediate support is placed at 1.0717 (5-DMA) below which 1.0680 (10-DMA) and 1.0608 (20-DMA) could be tested.