EUR/USD: Bears attacking 1.1150 support, targets 200-DMA

EUR/USD is seen testing the key 1.1150 support in post-China open, extending its sharp decline from weekly highs reached above 1.1220 last week.  

EUR/USD fails to hold above 100-DMA at 1.1204

Currently, EUR/USD trades modestly flat at 1.1158, flirting with session lows printed at 1.1154 in the last hour. The main currency pair keeps the downside bias intact amid a better bid US dollar versus its major peers, underpinned by optimistic comments from Fed official Bullard delivered late-Friday.

EUR/USD almost gave back entire poor retail sales and PPI data inspired gains and now awaits fresh impetus from a string of crucial economic releases from both continents in the week ahead, in order to gauge next direction on the major.

Meanwhile, today’s macro calendar remains fairly light amid holiday-thinned markets, as focus shifts towards the German ZEW and US CPI figures lined up for release tomorrow.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1204 (100-DMA). A break beyond the last, doors will open for a test of 1.1224 (weekly tops). On the flip side, the immediate support is placed at 1.1132/31 (200 & 10-DMA) below which 1.1113/1.1100 (20-DMA/ round number) could be tested.