EUR/USD offered just above 1.1300, revisits daily lows

The recent uptick in the EUR/USD pair lost pace just ahead of 1.13 handle, with the bears driving the prices back below the last amid stalled USD selling.

EUR/USD back below 5-DMA at 1.1293

Currently, EUR/USD trades +0.10% lower at 1.1288, having posted fresh session lows at 1.1283 last minutes. The main currency pair failed to sustain the overnight recovery above 1.13 handle and retreated to the lower bound of today’s trading range, largely tracking the USD price-action ahead of the US GDP and Yellen’s speech due on the cards later in the NA session.

The upside seems capped in the major as the euro receives little help from the German bund yields, which trade more or less flat between -0.05% to -0.10% mark Friday.

However, the EUR/USD pair manages to keep the bids amid cautious trades seen on the European indices, which makes the funding currency euro more attractive. While upbeat German Gfk consumer climate data also keeps the sentiment around EUR/USD buoyed.

Looking ahead, the main focus today is on Fed Chair Janet Yellen’s speech later today, nothing surprising is expected out of the Fed Chief that means Yellen may keep a neutral stance on further rate hike outlook.

EUR/USD Technical Levels               

In terms of technicals, the pair finds the immediate resistance 1.1307 (daily high). 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 1.1257/50/46 (daily S1/ psychological levels) below which 1.1217/00 (20 & 100-DMA) could be tested.