EUR/USD bounces off multi-day lows, still weaker below 1.0700 handle

The selling pressure surrounding the shared currency seems to have abated, with the EUR/USD pair bouncing off multi-day lows at 1.0640 level. 

Currently trading around 1.0670 region, the pair extended its bearish slide for the third consecutive session amid growing political uncertainty over the upcoming elections in France. In addition to this hawkish comments from Philadelphia Fed President Patrick Harker continued supporting the US Dollar's ongoing recovery move and further collaborated to pair's offered tone. 

In absence of any fresh fundamental triggers, traders seemed inclined to take some profits off their bearish bet amid skepticism over the recent greenback strength in wake of lingering concerns over the US President Donald Trump's policy stance. 

Meanwhile, a fresh wave of downslide in the US Treasury bond yields extended additional support to the pair’s modest recovery move from the lowest level since Jan. 30. 

Technical levels to watch

On a sustained weakness below 1.0650-40 area, the pair is likely to extend the downslide towards 50-day SMA support near 1.0610-1.0600 region before eventually dropping to its next support near 1.0565 area. 

Meanwhile on the upside, any recovery attempts might now confront immediate resistance near 1.0700-05 region above which the pair could immediate rise to an important hurdle near 1.0745-50 horizontal resistance.