EUR/USD wipes-out gains, flirts with 1.1100

The shared currency shaved-off gains and trades almost unchanged against its American rival in the European session, with EUR/USD now hovering around 1.11 handle ahead of the Eurozone jobs data.

EUR/USD: Bears guard 100-DMA at 1.1129                                                     

Currently, EUR/USD trades modestly flat at 1.1099, moving back and forth within a striking distance of session lows struck at 1.1094. The retreat in the EUR/USD pair from three-week peaks is largely in response to  a tepid-bounce staged by the US dollar against its major peers, as risk-off cools-off a bit amid higher stocks and oil prices. Meanwhile, the USD index trades -0.10% lower at 97.29, recovering sharply from multi-week lows reached at 97.08.

Attention now turns towards the Euro zone labor market report due later this session, while High court Brexit ruling and BOE events will be also closely eyed for  any cross-driven impact on the major. While the US calendar offers a bunch of macro releases, including the weekly jobless claims, factory orders and ISM non-manufacturing PMI.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1129 (100-DMA). A break beyond the last, doors will open for a test of 1.1167 (daily S2) and from there to 1.1195 (200-DMA). On the flip side, the immediate support is placed at 1.1090 (daily pivot) below which 1.1047 (5-DMA) and 1.1000 (psychological levels) could be tested.