EUR/USD catches fresh bid, 1.1300 – a whisker away

The EUR/USD pair reversed awful German Ifo data-led downward spike to near 1.1270 region, and now swings back higher in a bid to reclaim 1.13 handle.

EUR/USD firmer ahead of Jackson Hole

Currently, EUR/USD trades +0.26% higher at fresh session tops of 1.1294, headed for a test of 1.1300 levels. The main currency pair rebounded sharply over the last hour as the US dollar selling picked-up pace versus its major peers.

The EUR/USD pair saw limited negative reaction to poor German Ifo surveys, as the sentiment around the US dollar continues to drive the major ahead of the Fed Symposium and US economic releases.

The headlines Ifo business climate fell sharply to 106.2 points in August, down from 108.3 in July. While the current economic conditions fell to 112.8 points compared to 114.7 in July.

The immediate focus shifts to the US durable goods data, a precursor to Friday GDP figures, due later in the NA session. While Fed’s 3-day Jackson Hole Symposium commences today, with all eyes on Fed’s interest rates outlook.

EUR/USD Technical Levels               

In terms of technicals, the pair finds the immediate resistance 1.1300 (round number). A break beyond the last, doors will open for a test of 1.1367 (post-Brexit high). On the flip side, the immediate support is placed at 1.1250/46 (psychological levels/ NY low) below which 1.1209/02 (20 & 100-DMA) could be tested.