EUR/USD testing supply near 10-DMA, US data eyed

The recovery in the EUR/USD pair remains intact in the European session, with the major now flirting with daily highs above 1.09 handle.

EUR/USD: Wednesday’s high eyed?

Currently, EUR/USD trades +0.09% higher at 1.0918, testing session tops reached at 1.0920 earlier on the day. The main currency pair’s steady recovery mode appears to have gained traction as the greenback meanders near lows against its major peers.

Moreover, the major also finds support from negative sentiment on the European equities, which underpins the funding currency status of the euro. Focus now shifts towards a fresh batch of US economic releases due on the cards later in the NA session, while the main risk event for the major this week remains the US Q3 advance GDP numbers due out Friday.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0924 (10-DMA). A break beyond the last, doors will open for a test of 1.0947 (Oct 27 high) and from there to 1.1000 (key resistance). On the flip side, the immediate support is placed at 1.0850 (psychological levels) below which 1.0820 (March lows) and 1.0800 (round figure) could be tested.