EUR/USD jumps back on the bids above 1.1000

The EUR/USD pair jumps back on the bids in the European session, bouncing-off a brief dip below 1.000 – key psychological mark, as the US dollar retreats from multi-month highs against its main competitors.

EUR/USD awaits US data for fresh impetus

Currently, EUR/USD trades +0.08% higher at 1.1018, recovering slightly from fresh three-month lows struck at 1.0985 in the last hour. The main currency pair erased entire losses and managed to regain 1.10 handle, as the US dollar came under aggressive selling pressure across the board on a profit-taking slide, after the USD index hit fresh seven-month highs beyond 98 handle.

Moreover, worsening risk conditions across the markets amid tumbling European equities also offer some respite to the funding currency euro, lifting the EUR/USD back onto 1.10 barrier. Markets now look forward to the US jobless claims data and sentiment on the Wall Street for fresh direction.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1038 (daily high). A break beyond the last, doors will open for a test of 1.1082 (5-DMA) and from there to 1.1100 (round number). On the flip side, the immediate support is placed at 1.0985 (3-month low) below which 1.0959 (Jul 27 low) and 1.0911 (daily S3) could be tested.