EUR/USD testing lows near 1.0650

The offered tone around the EUR/USD is seen gathering pace once again, knocking-off the rate back towards daily lows struck earlier at 1.0650 levels.

EUR/USD losing sight of 1.07 handle?

Currently, the spot peeks into red at 1.0652, deflating from session highs reached at 1.0668 during mid-Asia. The EUR/USD pair extends is bearish consolidation phase into early Europe, with the bears awaiting fresh impetus for the next push lower.

Over the last hour, the major witnesses fresh selling pressure as the greenback catches fresh bids versus most of the majors and resumes its Trump reflation trades-led bullish upmove. Meanwhile, the USD index trades +0.07% higher at 100.74, recovering ground from 100.60 levels.

EUR/USD also returns to the red zone after the Chinese trade data lifted overall market sentiment, thereby weighing on the funding currency euro. Looking ahead, the major will remain at the mercy of the USD dynamics amid a lack of fundamentals news from the Euroland.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0700 (zero figure). A break beyond the last, doors will open for a test of 1.0722/33 (20 & 10-DMA) and from there to 1.0780 (key resistance). On the flip side, the immediate support is placed at 1.0617 (Jan 30 low) below which 1.0595 (50-DMA) and 1.0570 (daily S3) could be tested.