EUR/USD off-lows, re-takes 1.1300 amid light trading

The retreat from multi-week lows in the EUR/USD pair stalled near 1.1270 region in Asia, allowing a tepid bounce back towards 1.13 handle in early Europe.

EUR/USD awaits fresh macro updates

Currently, EUR/USD trades -0.35% lower at 1.1284, recovering from session lows struck at 1.1271 in the last hour. The demand for the US dollar remains on the rise so far this Monday, led by a solid rebound staged by the USD/JPY pair after the yen was broadly hit by weekend’s dovish comments BOJ Governor Kuroda. The USD index rallies +0.40% and hovers near daily tops reached at 94.92 levels.

Moreover, a sharp rally seen in the US treasury yields across the horizon, with the 2-yr one rocketing nearly 4.50%, also boosts the greenback at the expense of the euro. The US dollar is seen some buying interest at the start of the week, largely on the back profit-taking heading into the Jackson Hole Symposium, which kicks-off this Friday.

Next in focus for the major remains the flash manufacturing PMIs from across the Euro area economies due tomorrow, as the trading calendar remains absolutely empty for today.

EUR/USD Technical Levels               

In terms of technicals, the pair finds the immediate resistance 1.1300/11 (10 & 20-DMA). A break beyond the last, doors will open for a test of 1.1367 (post-Brexit high). On the flip side, the immediate support is placed at 1.1250 (daily S3) below which 1.1229 (200-DMA) could be tested.