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Fresh bids emerged just ahead of 1.1150 barrier during the Asian session, allowing a solid bonce in the EUR/USD pair towards the upper bound of 1.11 handle.
EUR/USD re-attempts 100-DMA at 1.1204?
Currently, EUR/USD advances 0.11% to fresh session highs of 1.1174, having taken-out strong offers lined up near 1.1170 region. The main currency pair reversed course in early trades and now climbs higher into the bids as the greenback stalls post-US retail sales recovery and resumes the recent downtrend, with the USD index now losing -0.11% to trade at session lows of 95.56.
Moreover, a flat start to the European markets amid increased nervousness ahead of a data-packed macro calendar ahead, underpins the funding currency status of the euro and adds to the renewed upside in the major.
On Friday, EUR/USD rallied to 1.1224 levels after the US retail sales disappointed markets big time and poured cold water on the renewed talks over a Dec Fed rate hike. Monthly retail sales in the US stagnated to 0.0% in July, compared to the revised 0.8% gain in June. Markets had predicted a deceleration to 0.4% in July.
Next on tap for the major remains the US datasets due later on the day amid holiday-thinned markets. While the main risk events for the spot is expected to be the US CPI and FOMC minutes due later this week.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance 1.1204 (100-DMA). A break beyond the last, doors will open for a test of 1.1224 (weekly tops). On the flip side, the immediate support is placed at 1.1132/31 (200 & 10-DMA) below which 1.1113/1.1100 (20-DMA/ round number) could be tested.
