EUR/USD better bid near 1.1270, Ifo in focus

The EUR/USD pair traded comatose so far this Thursday, consolidating the 15-pips bounce witnessed post-Tokyo open.

EUR/USD awaits macro news, Fed symposium

Currently, EUR/USD trades +0.08% higher at 1.1273, struggling hard to take on the recovery beyond 1.1275. Having bottomed out near 1.1250 levels in the last US session, the main currency pair took on a steady recovery in the Asian session.

Although the major failed to extend the recovery above 1.1275 region, as investors look to consolidate the upside heading into a data-heavy calendar today. The immediate focus shifts towards the German Ifo business surveys ahead of the US durable goods release due later in the NA session.

While the biggest risk event for this week remains the Jackson Hole Symposium, which starts later today. Further, Fed Chair Yellen’s speech will be also closely eyed for fresh hints on the Fed’s monetary policy stance, especially after the central paused its rate rise campaign.

EUR/USD Technical Levels               

In terms of technicals, the pair finds the immediate resistance 1.1291/1.1300 (5-DMA/ round number). 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 1.1250/46 (psychological levels/ NY low) below which 1.1209/02 (20 & 100-DMA) could be tested.