EUR/USD trades around 1.1170, German data capped recovery

FXStreet (Mumbai) – The EUR/USD pair ticked higher from the low of 1.1155, however, a weaker-than-expected German employment figures ensured the recovery halted around 1.1170.

Flirts with hourly 100-MA

The pair is hovering around its hourly 100-MA located at 1.1171, unable to extend gains above the same after the data in Germany showed the number of unemployed in May fell by 1K, compared to the estimate of a 5K drop.

Moreover, the investors remain focused on the Greece issue. The action in the Eurozone bond markets – sharp rise in the Greek yields and weakness in German yields – also added to the bearish pressure on the EUR. It remains to be seen if the pair manages to recover losses and strengthen today, after having filled the gap witnessed on Monday.

EUR/USD Technical Levels

The immediate resistance is located at 1.1190 (50-DMA), above which gains could be extended to 1.1244 (hourly 200-MA). On the flip side, a break below 1.1144 (hourly 100-MA) could push the pair down to 1.1082.

The EUR/USD pair ticked higher from the low of 1.1155, however, a weaker-than-expected German employment figures ensured the recovery halted around 1.1170.

(Market News Provided by FXstreet)