EUR/USD turns positive near 1.1320

A negative open in the European equity markets is prompting EUR/USD to regain the 1.1300 handle and trim gains towards 1.1320/25.

EUR/USD bid as dollar recedes

The selling mood seems to have returned to the dollar, while further demand for the single currency has been supported by the upside in EUR/GBP in response to a bearish tone in the sterling post-opening bell in London.

On the data space, final German inflation figures for the current month have matched the preliminary readings, with headline CPI rising 0.3% MoM and the broader HICP up 0.4% on a monthly basis.

EUR/USD levels to watch

The pair is now losing 0.02% at 1.1315 and a break below 1.1242 (20-day sma) followed by 1.1215 (100-day sma) and then 1.1096 (low May 30). On the flip side, the initial hurdle lines up at 1.1416 (high Jun.8) followed by 1.1448 (high May 11) and finally 1.1466 (high Apr.12).