EUR/USD fighting for 1.1200, German data awaited

FXStreet (Mumbai) - EUR/USD maintained it’s gradually ascent in the European morning, extending its side trend from the previous session, largely on broad based US dollar weakness while traders now await German retail sales figures due for release shortly.

EUR/USD holds above 5-DMA at 1.1187

The EUR/USD now trades 0.11% higher at 1.1197 levels, failing several attempts to sustain above 1.12 handle. EUR/USD extended its positive bias in to the European opening bells as US dollar continues to remain subdued versus its major counterparts as traders lock-in profits after the recent EUR/USD sell-off backed by strong US fundamentals.

Moreover, the pair is expected to remain pressured around 1.12 threshold and may test 1.1098 level (Jan lows) as the ECB sets to launch its QE program later this week. Meanwhile, markets now shift their attention towards German retails for further momentum on the pair.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1241 (March 2 High) levels, above which gains could be extended to 1.1273 (10-DMA) levels. On the flip side, support is seen at 1.1187 (5-DMA) levels, below which it could extend losses to 1.1100 (Jan Low) levels.