EUR/USD soars to fresh session high at 1.1120

A fresh bout of US Dollar selling pressure helped the EUR/USD pair to surpass 1.1100 round figure mark and hit a fresh session high level of 1.1120. 

After seesawing between gains and losses, consolidating around 200-day SMA region, the pair final seems to have broken-out of its narrow trading band after disappointment from US nonfarm productivity data for the second quarter of 2016.

Moreover, possibilities of stop-losses getting triggered above 1.1100 can also be one of the factors contributing to the pair's upsurge during the last hour.

However, it would be prudent to see if the pair manages to sustain its strength above 1.1100 handle before concluding an eventual break on the upside. 

Technical levels to watch

On a sustained strength above 1.1110 level, the upward trajectory is likely to get extended towards 1.1150 and 1.1180 intermediate resistance levels. A follow through buying interest above these levels now seems to lift the pair beyond 1.1200 handle, towards testing its next major resistance near 1.1230-35 area.

On the flip side, 1.1100 round figure mark now become immediate support to defend, which is followed by the very important 200-day SMA strong support near 1.1070-60 region. Only a sustained break back below 200-day SMA would negate near-term bullish bias and turn the pair vulnerable to continue drifting lower in the near-term.