EUR/USD eyeing a break below 1.1080

EUR/USD is seen consolidating in a tight range below 1.11 handle, having found solid bids near 1.1080 region, as the US dollar continues to consolidate post-NFP gains.

EUR/USD holds above 20-DMA at 1.1076

Currently, EUR/USD trades modestly higher at 1.1089, remaining capped below 1.11 barrier. The main currency pair extends its choppy trade, although gains remain capped amid broad based US dollar upside consolidation. Meanwhile, the USD index trades +0.06% higher at 96.25 levels versus -0.10% seen earlier.

The European currency finds support from above estimates Eurozone Sentix Investors’ confidence gauge, which came in at 4.2 versus 1.7 previous and 3 expected. However, the major fails to sustain above 1.11 handle on the back of risk-on market profile amid rallying European equities and oil prices.

Next of relevance for the spot remains the US LMCI data, which is expected to fill in an otherwise data-quiet NA session ahead.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1136/50 (10-DMA/ psychological levels). A break beyond the last, doors will open for a test of 1.1200 (round figure). On the flip side, the immediate support is placed at 1.1076 (20-DMA) below which 1.1046 (post-NFP low) could be tested.