EUR/USD catches fresh bids, re-takes 1.1400

Having found strong bids near 1.1380 region in the late-Asian trades, the EUR/USD pair bounced higher in a bid to regain 1.14 handle as the US dollar dived deeper in the red against its major rivals.

EUR/USD hovers near 5-DMA

Currently, EUR/USD trades 0.15% higher at 1.1389, having printed fresh session highs at 1.1394 last minutes. The bid tone around the EUR/USD pair keeps growing bigger as we head towards the European open, largely backed by the extension of the losses in the greenback versus its six major peers. Meanwhile, the US dollar drops further to 94 handle, down -0.21% on the day.

Moreover, the EUR/USD pair receives fresh boost as markets predict a negative start to the European markets, as indicated by weaker European indices futures, with the Euro Stoxx 50 futures sliding -0.44%.
Looking ahead, the major will get influenced by the sentiment surrounding the oil and stock markets in absence of fresh macro releases due later in the NY session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance at 1.1432/42 (10-DMA/ 1h 200-SMA). A break beyond the last, doors will open for a test of 1.1471/79 (20-DMA/ May 6 High). On the flip side, the immediate support is placed at 1.1350/33 (psychological levels/ Apr 29 Low) below which at 1.1305/00 (50-DMA/ round number) could be tested.