EUR/USD struggles to extend beyond 1.1230, ECB minutes eyed

The EUR/USD pair is seen consolidating near daily highs in the European session, having bounced-off a dip just ahead of 1.12 handle.

EUR/USD bounces towards hourly 20-SMA

Currently, EUR/USD trades +0.07% higher at 1.1223, having found solid support at 1.1206, fresh seven-week lows. The main currency pair stages a minor pullback from seven-week lows reached near 1.12 handle, with the bulls now trying hard to take on the recovery above 1.1230 levels.

The common currency fails to benefit from the oil-driven risk-off trades seen across the financial markets, with the European equities deep in the red as oil prices tumble over 2% on mounting oversupply worries. Germany’s DAX drops -1.52%, the UK’s FTSE slips -1.42% and the pan-European benchmark, the Euro Stoxx 50 declines -1.12%.

The upside lacks momentum as investors remain wary heading into the ECB April 21 meeting account due to be published in the European afternoon.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1235/50 (1h 20-SMA/ psychological levels). A break beyond the last, doors will open for a test at 1.1278/1.1300 (5-DMA/ round number). On the flip side, the immediate support is placed 1.1200 (key support) below which at 1.1184/73 (daily S1/ 100-DMA) could be tested.