EUR/USD struggles to extend beyond 1.1300

The bulls found some support ahead of 10-DMA at 1.1282, with the EUR/USD pair trying hard to extend beyond 1.13 handle, but in vain, in wake of a recovery staged by the European equities.

EUR/USD eyes Yellen

Currently, EUR/USD trades 0.11% lower at 1.1296, reverting towards session lows reached at 1.1288 ahead of the European open. The main currency pair failed once again to sustain the recovery above 1.13 handle and now wavers in a tight range below the last, amid subdued trading activity seen behind the greenback.

Moreover, the European stocks attempt recovery from the opening slump, providing little impetus to the funding currency status of the euro. While weaker German GDP report also continues to weigh on the European currency and keeps the EUR/USD recovery in check.

Next of note for the major remains the US existing home sales data due later in the NA session. While Yellen’s speech at the Fed Symposium starting tomorrow may provide next direction on the major.

EUR/USD Technical Levels               

In terms of technicals, the pair finds the immediate resistance 1.1367 (post-Brexit high). A break beyond the last, doors will open for a test of 1.1400 (round figure). On the flip side, the immediate support is placed at 1.1282 (10-DMA) below which 1.1209/04 (20 & 100-DMA) could be tested.