EUR/USD manages to regain 1.0600 as risk-off persists

The EUR/USD pair quickly reversed a dip below 1.06 handle the USD buying-wave faded, with persisting risk-off moods coming to the rescue of the funding currency Euro, thus, sending the rate back above the last.

The major struggles hard to regain bids as the common currency remains divided between rising geopolitical concerns and upcoming French election risks. Meanwhile, unwinding of Trump trades continue to weigh down on the treasury yields and broad USD demand, which helps keep the downside cushioned in EUR/USD.

In the day ahead, the spot will continue to get influenced by risk trends, while Bund-OAT spread price-action could also have a significant impact on the Euro, in absence of relevant economic news from both continents.

EUR/USD Technical Levels

Technical resistances for the pair are aligned at 1.0628/30 (100 & 10-DMA), 1.0650/53 (psychological levels/ 100-DMA) and finally 1.0687/90 (Apr 6 & 5 high). On the flip side, the spot finds next support at 1.0568 (multi-week low), a break below that level could open the door to 1.0533/23 (Mar 8 & 9 low) and 1.0500 (key support).