EUR/USD trades comatose near 1.08 handle

The EUR/USD has been trading dead flat just below 1.08 handle following Tuesday’s rally that saw the pair chew through offers around 1.0770 levels. The currency pair rose 2.6% in January.
The common currency spiked yesterday after Peter Navarro, the head of the US president’s new National Trade Council, said “Germany continues to exploit other countries in the EU as well as the US with an ‘implicit Deutsche Mark’ that is grossly undervalued”. 

Eyes Eurozone PMI

EUR traders await the final Eurozone PMI manufacturing index, which is seen printing in line with the preliminary estimate of 55.1. 

Later in the day, the US ADP employment release, US ISM manufacturing release could get some market attention, although the main event for the day is the FOMC rate decision. 

EUR/USD Technical Levels

The currency pair was last seen trading around 1.0795. A breakdown of support at 1.0775 (Jan 24 low) would open doors for a sell-off to 1.0731 (5-DMA), under which the psychological support at 1.07 (zero figure) levels. 

On the other hand, a break above 1.0812 (100-DMA) would expose hurdle at 1.0851 (Oct 25 low) and 1.0873 (Dec 8 high).