EUR/USD better bid around 1.0700 ahead of CPI

The shared currency keeps the bid tone intact versus its American counterpart in the early European morning, now lifting EUR/USD back to 1.07 handle.

EUR/USD: A busy calendar ahead                                                                    

Currently, EUR/USD now trades +0.09% higher at 1.0701, reversing a brief dip to 1.0690 region. The main currency pair stalled its recovery from yearly troughs at 1.0715, and retraced partial gains amid a minor-recovery seen in both USD and treasury yields.

The greenback is seen consolidating the vertical rise against its major peers near more-than a decade highs, allowing a brief recovery stint in the EUR/USD pair from the lowest levels since last Dec.

Later today, the major is likely to get influenced by a flurry of economic fundamentals, with the Eurozone final CPI report due ahead of ECB minutes, US CPI and Fed Chair Yellen’s testimony.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0734 (5-DMA). A break beyond the last, doors will open for a test of 1.0800 (round figure) and from there to 1.0840 (10-DMA). On the flip side, the immediate support is placed at 1.0680 (daily lows) below which 1.0647 (daily S1) and 1.0600 (zero figure) could be tested.

To learn more about this topic, check our video analysis