EUR/USD sees a minor-correction, back to test 1.1200

Having witnessed an extensive rally a day before, the EUR/USD pair attempts a minor-corrective slide in the Asian session back towards 1.12 handle.

EUR/USD capped below 100-DMA at 1.1225

Currently, EUR/USD trades -0.12% lower at fresh session lows of 1.1209, having faced rejection just below 100-DMA hurdle. The main currency pair is seen consolidating the recent upsurge, barring Monday’s retreat, as the bulls take a breather amid a broad based US dollar recovery as we head towards the crucial US private sector monthly jobs report published by the ADP.

Moreover, the EUR traders await a string of final services PMI reports from across the Euro area along with the release of Euro zone retail sales data for further impetus on the shared currency. Meanwhile, the major may regain poise and extend its upbeat momentum on a break above 100-DMA once again.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1226 (100-DMA). A break beyond the last, doors will open for a test of 1.1250 (psychological levels). On the flip side, the immediate support is placed at 1.1188 (5-DMA) below which 1.1144 (50-DMA) could be tested.