EUR/USD: Bears targeting 1.1100 amid broad USD strength

The EUR/USD pair is seen extending losses from the previous session and eyes a test of 1.11 handle, as the US dollar remains broadly higher amid rising treasury yields.

EUR/USD losing sight of 100-DMA

Currently, EUR/USD trades -0.10% lower at 1.1125, having posted fresh session lows at 1.1120 last minutes. The sellers keep the pressure intact on the funding currency EUR, as markets take advantage of a better risk tone prevalent across the financial markets, in wake of higher oil prices.

While bullishness seen behind the US treasury yields across the horizon underpins the greenback against its major peers, and therefore, adds to the downside in the EUR/USD pair. Meanwhile, the US dollar index advances +0.18%, flirting fresh session highs of 97.11.

Markets appeared to have ignored somewhat dovish comments from Fed official Evans, as attention now turns towards the German ZEW surveys and US LMCI data lined up for release later today.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1162/67 (5 & 100-DMA). A break beyond the last, doors will open for a test of 1.1200 (20-DMA) and from there to 1.1231/50 (daily R2/ psychological level). On the flip side, the immediate support is placed at 1.1101 (multi-week lows) below which 1.1081 (daily S2) and 1.1043 (Aug 5 low) could be tested.