EUR/USD: Bears in control, hovers around hourly 200-SMA

FXStreet (Mumbai) – A renewed bout of selling interest hit the shared currency in the European session, dragging EUR/USD to fresh session lows near hourly 200-SMA at 1.0923.

EUR/USD under pressure in Europe

Currently, the EUR/USD pair drops -0.11% to 1.0920, retreating slight from fresh session lows of 1.0915 reached last minutes. The main currency pair failed to keep the bids and dropped briefly to session lows ahead of 1.09 handle.

The renewed strength in the US dollar against its major peers and recovering oil prices boosted the market sentiment somewhat and thus, dragged EUR/USD lower in light trading. However, the downside remains cushioned as 1.09 handle appears to act as a strong barrier for the pair while uncertainty in markets settling the year 2015 will also keep major supported.

Meanwhile, markets now await fresh cues in the form of the US dataflow due later in the NY session for further momentum.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance is at 1.0945 (5-DMA). A break beyond the last, doors will open for a test of 1.1000 (round number). On the flip side, the immediate support is placed at 1.0902 (Dec 30 Low), below which 1.0885 (daily S2) could be tested.

A renewed bout of selling interest hit the shared currency in the European session, dragging EUR/USD to fresh session lows near hourly 200-SMA at 1.0923.

(Market News Provided by FXstreet)