The offered tone witnessed around the shared currency remains unabated, with the EUR/USD pair extending its rejection move from 1.0800 handle to touch a fresh session low below mid-1.0700s.
Currently trading around 1.0740 level, the pair ignored upbeat German factor orders data and in-line with estimates Euro-zone Sentix Investor Confidence index, and maintained bearish bias through mid-European trading session.
The pair has now reversed all of Friday’s mixed US jobs report-led up-move and the downslide has been solely driven by the ongoing greenback recovery. In fact, the key US Dollar Index built on its early recovery move and is now aiming to reclaim 100.00 psychological mark.
Traders on Monday would now look forward to the scheduled speech from ECB President Draghi in order to grab some short-term trading opportunities.
Technical levels to watch
A follow through selling pressure is likely to drag the pair towards 1.0715-10 support area below which the downslide could get extended towards 1.0675 horizontal support, en-route 50-day SMA support near 1.0600 round figure mark.
On the upside, any recovery attempts above 1.0775-80 region might continue to confront strong resistance near 1.0800-10 region (100-day SMA), which if conquered might trigger a short-covering rally towards 1.0840 level (Dec. 8 high) before lifting it further towards 1.0880 horizontal resistance.
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