EUR/USD flat-lined near 1.1140, awaits German data

The EUR/USD pair extends its side-trend into early Europe amid a broadly subdued US dollar, which keeps the major buoyed above 1.11 handle.

EUR/USD supported at 10-DMA (1.1127)

Currently, EUR/USD trades +0.06% higher at 1.1137, eyeing for a break above 1.1150. The main currency pair moves back and forth around the 50-DMA located at 1.1133, looking for fresh incentives from the upcoming German factory data.

While a cautious tone persisting in the markets underpin the funding currency status of the euro, providing some support to the EUR/USD pair. The major continues to consolidate the downside, after having faced strong rejection at 1.1150 levels in wake of the BOE rate cut policy stance.

Next of relevance for the major remains the factory orders data from Germany, which will be followed by the main risk event for today, the US labour market report, due on the cards in the NA session.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1150 (psychological levels). A break beyond the last, doors will open for a test of 1.1200 (round figure). On the flip side, the immediate support is placed at 1.1112 (200-DMA) below which 1.1078 (20-DMA) could be tested.