EUR/USD keeps range near 5-DMA ahead of German data

EUR/USD keeps its range-play intact near 5-DMA placed at 1.0774, after having faced rejection just below 1.08 handle, with investors now awaiting fresh impetus for next direction.

EUR/USD awaits ECB Draghi

Currently, the spot trades modestly flat at 1.0778, hovering within a striking distance of daily lows struck at 1.0773 last hour. The main currency pair remains confined in a narrow range so far this session, torn between tumbling US treasury yields and a broadly subdued US dollar, as dust settles over the US jobs report disappointment.

While a cautious tone seen in the Asian equity markets helped keep the losses capped in the EUR/USD pair. The immediate focus now shifts towards the German factory orders data, which will be followed by the Eurozone Sentix Investor Confidence figure and retail PMI data. Besides, ECB President Mario Draghi’s speech will take center-stage in the day ahead.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0814 (8-week high). A break beyond the last, doors will open for a test of 1.0850 (psychological levels) and from there to 1.0875 (Dec tops). On the flip side, the immediate support is placed at 1.0746 (10-DMA) below which 1.0718/03 (20 & 100-DMA) and 1.0681 (Jan 31 low) could be tested.

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