EUR/USD rises back towards 1.0550 post-Sentix

The latest leg lower in EUR/USD lost legs near daily pivot at 1.0531, as the bulls jumped back on the bids following the release of upbeat Eurozone Sentix investors’ confidence numbers

EUR/USD tracks USD price-action

Currently, the spot now advances 0.09% to 1.0541, heading back towards session tops posted previously at 1.0556. The main currency pair regained lost ground as the EUR bulls were offered some support from auspicious Sentix data from the Euroland, which arrived at 18.2 vs 12.5 expectations.

Moreover, stalled buying seen around the greenback against its main peers, also helped the EUR/USD pair to stage a tepid-recovery in the European session, while negative European indices also underpinned the funding currency demand for the euro.

Earlier on the day, the German industrial production and trade figured came in mixed, with the spot having paid little attention to the macro news. The immediate focus now remains on the Eurozone unemployment rate figures, while the US LMCI data and Fedspeaks will hog the limelight in the US session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0563 (50-DMA). A break beyond the last, doors will open for a test of 1.0600 (round figure) and from there to 1.0654 (Dec 30 high). On the flip side, the immediate support is placed at 1.0510 (10-DMA) below which 1.0472 (20-DMA) and 1.0446 (Jan 2 low) could be tested.