EUR/USD: Bulls regain poise, 1.1500 – a whisker away

Fresh buying interest emerged for the EUR/USD pair near 1.1460 region in early Asia, fuelling another run towards 1.15 handle, as the US dollar continues to remain broadly pressured amid Trump Jr-Russia scandal and dovish Fedspeaks.

EUR/USD awaits EZ industrial figures

The spot remains well bid and consolidates near fourteen-month tops amid weaker Treasury yields, in the wake of cautious stance seen by the Fed policymakers Harker and Brainard on the rate hikes.

Further, the main currency pair also finds support from renewed US dollar weakness seen across the board, as the Asian traders reacted negatively to the Trump Jr email release, which exposed his links with the Russian officers to "play dirty" on Clinton during the campaign

Looking ahead, the major now awaits fresh impetus from the sentiment on the European open as well as from the Eurozone industrial production data for the next push higher. However, the main risk event for the pair remains the Fed Chair Yellen’s testimony on the Semiannual Monetary Policy Report before the House Financial Services Committee scheduled later today.

EUR/USD Technical Levels

According to Karen Jones, Analyst at Commerzbank, “EUR/USD has tested the 2 year resistance line at 1.1462: The Euro is under pinned very near term by the May high circa 1.1296 and the short term uptrend at 1.1295. While above here, the market remains bid and has started to erode the two year resistance line at 1.1464. However with the second 13 count evident on the daily chart, and TD resistance at 1.1521, and non-confirmation of the daily RSI, we remain wary of failure and at this stage will not chase this higher. The market will find immediate support at the 1.1295 4 month uptrend and this guards the more important 1.1110 end of May low.”