EUR/USD off session peak, still well-bid above 1.0700 handle

The greenback selling pressure seems to have abated during European session, with the EUR/USD pair reversing around 20-pips from session tops around mid-1.0700s.

The pair, however, maintained its strong bid tone for the third consecutive session, to the highest level since early December, amid disappointment from the US President Donald Trump's inaugural speech on Friday, which failed to provide any details over his plans for economic stimulus.

From a broader perspective, the pair's post-ECB rebound from 50-day SMA neighborhood, and a subsequent decisive move above 1.0700 handle, seems to have confirmed a near-term bullish break-out and thus, increases the possibilities of additional up-move from current levels. The pair was last seen trading around 1.0730-25 region, having posted a session high at 1.0755 level. 

Monday's economic docket lacks any fundamental drivers and hence, the pair remains at the mercy of broader sentiment surrounding the US Dollar ahead of ECB President Mario Draghi's speech.

Technical levels to watch

Momentum above session high is likely to confront resistance near 1.0765-70 region above which the pair seems more likely to head towards reclaiming 1.0800 round figure mark, en-route 100-day SMA resistance near 1.0845-50 region.

On the flip side, immediate support is pegged near 1.0700 handle below which the pair is likely to drift back towards 1.0625-20 support area ahead of 50-day SMA strong support near 1.0600-1.0590 region. Intermediate support below 1.0700 mark is seen at 1.0675-70 zone.