EUR/USD: Bulls defend 1.1100 barrier amid broad USD weakness

The bullish momentum behind the shared currency picked-up pace in the last hour, driving EUR/USD well beyond 1.11 handle amid extended USD sell-off across the board.

EUR/USD eyes 50-DMA at 1.1154

Currently, EUR/USD trades +0.40% higher at 1.1104, having posted fresh nine-day highs at 1.1119 post-European open. The main currency pair stormed its way through 1.11 handle, extending the bullish run into a second day today, after the European stocks kicked-off the day on a shaky ground and now continue to waver amid a deluge of earnings report. A poor risk-environment usually boosts the funding currency euro.

Moreover, the shared currency also garnered some support from upbeat German employment data as well as from persistent USD weakness backed by eventless FOMC decision.

Next in focus on the data front, remains the German CPI figures ahead of the US unemployment claims data due later today. While markets eagerly await the US GDP report lined up for release on Friday.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1154 (50-DMA). A break beyond the last, doors will open for a test of 1.1200 (psychological levels). On the flip side, the immediate support is placed at 1.1045 (20-DMA) below which 1.1019/15 (5 & 10-DMA) could be tested.