EUR/USD attempts recovery back above 1.1100

Having found fresh bids near 1.1080 region earlier on the day, EUR/USD’s recovery from NFP-led slump gains traction once again above 1.11 handle.

EUR/USD eyes 5-DMA at 1.1111

Currently, EUR/USD trades +0.16% higher, flirting with session highs posted at 1.1105. The main currency pair extends its gradual recovery path into early Europe and now looks to regain 5-DMA barrier as the US dollar attempts a minor-correction against its major peers after upbeat NFP-inspired extensive rally witnessed last Friday. Meanwhile, the USD index drops -0.10% to 96.09, extending the retreat from five-day highs scored at 96.50 post-NFP release.

Meanwhile, markets appear to have ignored the Chinese trade data, as focus now shifts towards the German industrial production data for fresh impetus on the euro. Whilst the trading calendar remains data-light for today, with only a few second-tier economic releases, viz., Eurozone Sentix investors’ confidence and US LMCI data.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1136/50 (10-DMA/ psychological levels). A break beyond the last, doors will open for a test of 1.1200 (round figure). On the flip side, the immediate support is placed at 1.1077 (20-DMA) below which 1.1046 (post-NFP low) could be tested.