EUR/USD peeps above 1.09 in Asia

The American dollar has suffered a moderate set back in Asia, pushing the EUR/USD spot above 5-DMA and to a session high of 1.0911 levels. 

Eyes German CPI and US GDP

The European data docket is heavy, however, the main focus is on the preliminary German CPI release, which is expected to show the cost of living accelerated in October. 

Later in the day, Q3 US GDP is widely expected to show the economy expanded at the fastest rate since last two years. Amid all the data releases, the exchange rate is also expected to track the US-German 2-yr bond yield differential. 

EUR/USD Technical Levels

The spot was last seen trading around 1.0905 levels. A break above 1.0924 (10-DMA) would open doors for 1.0947 (Wednesday’s high), beyond which the psychological resistance of 1.10 could be put to test. On the other hand, a breakdown of support at 1.0895 (5-DMA) could yield a re-test of 1.0851 (weekly low). A violation there would expose 1.08 handle. In terms of technical pattern, the spot formed a bearish inverted hammer candle yesterday on the daily chart.