EUR/USD: 1.1900 back on sight amid fresh USD selling

• DXY breaches 92.75 support.
• Risks remain to the upside ahead of US data.

After a brief phase of consolidation near 1.1860 levels in Asia, the EUR/USD pair caught a fresh bid-wave, now extending its break higher towards 1.19 handle.

EUR/USD: Bulls back in command

The spot resumes its last week’s upside bias, although remains confined within a familiar range near the upper-bound of 1.18 handle, as the bulls await fresh impetus for the next push higher.

The latest leg higher in the major can be mainly attributed to fresh US dollar selling across the board, as markets remain wary over the Fed rate hike outlook next year, while the EUR derives support from the substantial upward revision to Eurozone growth estimates made by the ECB at its meeting earlier this month.

Amid a lack of fresh economic releases from the Euroland, the pair looks forward to the US CB consumer confidence and pending home sales data, which will be reported later in the NA session.

EUR/USD Technical Levels

Mohammed Isah, a technical strategist at FXTechstrategy, noted: “On the upside, resistance comes in at 1.1900 level with a cut through here opening the door for more upside towards the 1.1950 level. Further up, resistance lies at the 1.2000 level where a break will expose the 1.2050 level. Conversely, support lies at the 1.1800 level where a violation will aim at the 1.1750 level. A break of here will aim at the 1.1700 level. Below here will open the door for more weakness towards the 1.1650. All in all, EURUSD faces further downside weakness.”