EUR/USD struggles to rise back above 1.0600

Having posted fresh three-week highs, the EUR/USD pair ran through fresh offers, which knocked-off the rate once again to 5-DMA region near 1.0575, before recovering some ground to now trade just a whisker short of 1.06 handle.

EUR/USD awaits US data for fresh impetus.

The EUR/USD pair manages to defend mild gains amid subdued trading seen around the greenback versus its main peers, as a lack of fundamental drivers  leave most EUR traders on the side-lines.

Meanwhile, lingering political tensions, in wake of the French election and Greece debt woes, keep a check on the EUR recovery. Looking ahead, apart from risk trends, the major could get influenced by the US new home sales and revised consumer sentiment data slated for release in the American session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0604 (multi-week highs). A break beyond the last, doors will open for a test of 1.0634 (50-DMA) and from there to 1.0650 (100-DMA). On the flip side, the immediate support is placed at 1.0520 (Jan 6 low) below which 1.0500 (psychological levels) and 1.0478 (Jan 5 low) could be tested.