EUR/USD nears hourly 50-MA hurdle

The weakness in the Treasury yields in Asia pushed EUR/USD higher to near hourly 50-MA hurdle of 1.0753 levels.

Focus on T-yields

The pair remains at the mercy of the action in the treasury yields given the Eurozone data docket is empty. Moreover, the strong US advance retail sales released yesterday failed to trigger a fresh rally in the treasury yields.

Consequently, the FX markets are expected to closely track the yields for an early indication of the trend reversal. Later in the day, the US industrial production number could influence the pair as well.

EUR/USD Technical Levels

The spot was last seen trading around 1.0750. A break above the same would expose hurdle at 1.0794 (5-DMA), above which the prices could target 1.0851. In terms of technical patterns, a double bottom could be seen on the hourly chart.

On the lower side, a daily close below 1.07 could yield a sell-off to 1.06, under which a major support is seen directly at 1.0517 (Dec 2015 low).