The EUR/USD pair pays no heed to the Eurozone macro updates, as the sentiment around major continues to be driven by the USD dynamics.
EUR/USD eyes 20-DMA at 1.0718
Currently, the spot drops -033% to 1.0747, testing session lows struck at 1.0743 in the last hour. The main currency pair remains heavily offered in the European session, as the greenback picked-up significant strength over the last hours, correcting a part of downbeat US jobs report-led slide.
While on the EUR-side, the shared currency was little impressed by a stronger German factory orders print and in-line with estimates Eurozone Sentix Investor Confidence numbers. The Sentix gauge came in at 17.4 in Jan, while the German factory orders jumped 5.2% in Dec versus 1.7% expectations.
However, markets believe that falling treasury yields and weaker European markets could underpin the demand for the euro as a funding currency and therefore, cushion the downside in the spot. Next of note for the major remains the speech scheduled from ECB President Draghi later today.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance 1.0800 (round number). A break beyond the last, doors will open for a test of 1.0814 (8-week high) and from there to 1.0850 (psychological levels). On the flip side, the immediate support is placed at 1.0718/03 (20 & 100-DMA) below which 1.0681 (Jan 31 low) and 1.0655 (Jan 26 low) could be tested.
You may be interested
Buy Bitcoins in Europe With Bitmoney.euBrian Evans - Aug 10, 2017
Want to purchase bitcoins? Look no further! Buying bitcoins has never been easier, with Bitmoney.eu. Bitmoney.eu makes the process of buying Bitcoin easy and efficient, saving customers…
Goldman Sachs: ‘Real Dollars Are at Work’ in Cryptocurrency MarketsBrian Evans - Aug 10, 2017
Goldman Sachs has published a question-and-answer report focused on cryptocurrencies in which it suggests that clients should be keeping a closer eye on the market. According to…
Bitcoin’s Present Bubble Might Actually be the Beginning of Mainstream AdoptionBrian Evans - Aug 09, 2017
Bitcoin’s enthusiasts are torn between whether to celebrate Bitcoin’s arrival in the foothills of mass adoption, or to lament the upcoming burst that always happens with asset…