EUR/USD jumps back on the bids to test 1.1100

The EUR/USD pair tested 1.1070 support once again, and now rebounds from there in yet another attempt to reclaim 1.1100 barrier and beyond.

EUR/USD finds solid support at 1.1071

Currently, EUR/USD trades +0.05% higher at fresh session highs of 1.1094, just a whisker away from 1.11 handle. The main currency pair finally brought an end to its 20-pips consolidative phase in the last hour, and bounced higher, as the greenback surrendered gains and now trades muted against its major peers.

However, the major still struggles to take out 5-DMA barrier now placed at 1.1097 amid positive European equities, which curb the demand for the funding currency euro. The German DAX rises +0.45%, the UK’s FTSE advances+0.28% and the pan-European benchmark, the Euro Stoxx 50 index jumps +0.45% so far this session.

The major will continue to closely monitor the USD price action ahead of the US non-farm productivity and IBD/TIPP Economic Optimism data due later in the NA session.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1118/21 (200 & 50-DMA). A break beyond the last, doors will open for a test of 1.1135/50 (10-DMA/ psychological levels). On the flip side, the immediate support is placed at 1.1053/46 (daily S2/ post-NFP low) below which 1.1000 (key support) could be tested.