EUR/USD heavy on Brexit woes, but holds above 1.1000

Increased uncertainty backed by the Brexit decision continues to dampen the sentiment around the common currency against its American rival, keeping EUR/USD deep in the red.

EUR/USD recovery capped by 1.1050

Currently, EUR/USD now drops -0.80% to trade at 1.1028, making another attempt to regain 1.1050 barrier. The main currency pair remains relentlessly offered mainly driven Brexit angst as markets continue to fret over the aftereffects of an epic event that occurred last Friday, the UK’s exit from the EU’s membership.

However, the downside remains restricted and the major manages to hold above 1.10 barrier as the rate finds support from a stronger EUR/GBP cross in response to Brexit-led resumption of decline in the cable.

Focus now shifts towards today’s economic calendar for fresh impetus; however, with little on the cards, markets look forward to ECB President Draghi’s speech due later in the NA session.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1050 (psychological levels). A break beyond the last, doors will open for a test of 1.1102 (200-DMA). On the flip side, the immediate support is placed at 1.0984 (daily low) below which at 1.0913 (Brexit low) could be tested.