EUR/USD retreats from 1.1080, German data eyed

The EUR/USD pair is currently seen paring gains as we progress towards early European trading, as dust settles over the FOMC aftermath and traders now await the German datasets due later in the session ahead.

EUR/USD supported above 1.1050

Currently, EUR/USD trades +0.09% higher at 1.1070, with a day’s high of 1.1077 and day’s low of 1.1053. The main currency pair stalled its lacklustre FOMC statement induced-rally near 1.1080 region, and the major now consolidates the latest upmove ahead of the release of German economic news, viz., unemployment and CPI data.

However, the downside remains cushioned on the back of ongoing weakness in the greenback across the board, after the Fed officials failed to provide any hint on a Sept or Dec Fed rate hike prospects.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1096 (200-DMA). A break beyond the last, doors will open for a test of 1.1043 (20-DMA). On the flip side, the immediate support is placed at 1.1019/15 (5 & 10-DMA) below which 1.0950 (multi-week lows/ psychological levels) could be tested.