EUR/USD bounces-off 1.1070, re-attempts 5-DMA?

The selling interest behind the EUR lost pace in the last hour, allowing a minor-pullback in the EUR/USD pair back towards 5-DMA now located at 1.1095.

EUR/USD clings to 20-DMA support

Currently, EUR/USD recovers losses to now trade at 1.1085, aiming for a retest of 1.11 handle. The main currency pair still continues its downside consolidation mode, although moves-off low as the US dollar pares gains against its major peers. Meanwhile, the USD index trades +0.05% higher at 96.36 levels versus +0.14% seen earlier today.

However, the recovery appears to lack momentum as the funding currency euro remains weighed down by a pick-up in buying interest around the risk assets such as the Asian equities, with most regional indices extending to fresh yearly peaks.

Next of note for the major remains the German trade balance data due for release ahead of the European session, while a slew of second-tier macro releases from the US docket will be also watched for further momentum on the major.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1095/1.1100 (5-DMA/ round number). A break beyond the last, doors will open for a test of 1.1135/50 (10-DMA/ psychological levels). On the flip side, the immediate support is placed at 1.1053/46 (daily S2/ post-NFP low) below which 1.1000 (key support) could be tested.