EUR/USD hits fresh session tops post-EZ PMIs, Draghi’s speech in focus

   •  Subdued USD demand helps regain some positive traction.
   •  EUR further benefits from upbeat EZ final PMI figures. 
   •  US ISM PMI awaited ahead of Draghi’s testimony. 

The EUR/USD pair held on to its modest daily gains and refreshed session tops, around the 1.2470-75 region, post-EZ PMIs. 

With investors looking past Friday's upbeat US monthly jobs report, some renewed US Dollar weakness helped the pair to regain some positive traction at the start of a new trading week. 

The shared currency was further underpinned by today's better-than-expected final Euro-zone services PMI figures. In fact, the final composite EZ services PMI came in at 58.0, as against the preliminary estimate of 57.6, and remained supportive of the pair's up-move. 

It, however, remains to be seen if bulls are able to once again get hold of the key 1.2500 psychological mark as focus shifts to the ECB President Mario Draghi's testimony before the European Parliament, which is expected to infuse some volatility across the EUR crosses. 

Ahead of the key event risk, the release of US ISM non-manufacturing PMI would also be looked upon for some short-term trading opportunities later during the early NA session.

Technical levels to watch

The 1.2500 handle might continue to act as an immediate resistance, above which the pair is likely to aim towards surpassing the 1.2535-40 supply zone before eventually darting towards the 1.2600 handle.

On the flip side, immediate support is now pegged near the 1.2425 region and is closely followed by the 1.2400 handle, which if broken could accelerate the fall towards 1.2365-60 strong horizontal support.