EUR/USD range-play continues below 1.1400

Broad based US dollar weakness remained the underlying theme in the Asian session, driving the EUR/USD gradually lower below 1.14 handle.

EUR/USD tested 20-DMA at 1.1371

Currently, EUR/USD trades 0.07% higher at 1.1380, hovering close to session lows posted at 1.1369 in early Asia. The single currency remains better bid against its American peer as we head towards early Europe, as the US dollar continues to correct lower versus its major competitors after the recent strength. The USD index drops -0.10% to 94.15 levels.

Moreover, subdued sentiment across the financial markets in Asia led investors to seek safe-havens such as the euro and hence, kept the major supported. Later today, the EUR/USD pair is expected to extend its consolidation phase for the fourth straight session today, with all eyes focused on Friday’s US retail sales data for fresh direction.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1431/42 (10-DMA/ 1h 200-SMA). A break beyond the last, doors will open for a test of 1.1471/79 (20-DMA/ May 6 High). On the flip side, the immediate support is placed at 1.1350/33 (psychological levels/ Apr 29 Low) below which at 1.1305/00 (50-DMA/ round number) could be tested.