FXStreet (Mumbai) - The bid tone on the EUR/USD recovered near the daily lows around 1.1107, pushing the pair back to trade around 1.1130 levels even though stock markets remain on a strong footing.
EUR/USD: Double bottom at 1.1107?
The pair’s intraday technical charts now show a double bottom formation with the neckline resistance around 1.1140. The pair was rejected earlier today at 1.1140 after the Eurozone PMI figures disappointed expectations, while the equities strengthened. The pan-European Euro Stoxx 600 index trades almost 1% point higher.
The latest recovery from the daily lows could have been triggered by the less dovish talk from the European Central Bank (ECB) member Edwald Nowotny. It remains to be seen if the EUR takes out the resistance at 1.1140 or makes another attempt at the daily lows.
EUR/USD Technical Levels
The spot currently hovers around 1.1140. A break above the same could open doors for a re-test of 1.1173 (hourly 5-MA). On the other side, support is seen at 1.1107 (daily lows), under which the spot may drop to 1.1052 (Mar 26 high).
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