EUR/USD testing highs near 1.0920 handle ahead of Europe open

EUR/USD is seen clinging onto gains above 1.09 handle as we step into early Europe, with the greenback consolidating strong gains seen over the  last two consecutive trading days.

EUR/USD: 5-DMA still on sight                                                                         

Currently, EUR/USD trades +0.19% higher at 1.0917, heading for a retest of daily highs reached previously at 1.0924. The EUR/USD pair is trying hard to extend the breakout beyond 1.09 handle, but sellers continue to lurk at higher levels amid mixed markets and in absence of any fundamental driver.

However, a phase of downside consolidation in the US dollar across the board helps keep the sentiment buoyed around the EUR/USD pair. Looking ahead, the immediate focus now remains on the German CPI and WPI figures ahead of the US macro news and Fedspeak due later in the NA session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0957 (5-DMA). A break beyond the last, doors will open for a test of 1.0975 (20-DMA) and from there to 1.1000 (round figure). On the flip side, the immediate support is placed at 1.0865 (Nov 10 low) below which 1.0848 (multi-month low) and 1.0820 (March low) could be tested.