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    EUR/USD back above 100-DMA ahead of a big week Dhwani Mehta

    The shared currency erased entire gains versus its US counterpart in the late-Asian/ early European trading, driving EUR/USD back above 100-DMA located at 1.1240.EUR/USD finds support from risk-off Currently, EUR/USD trades almost unchanged at 1.1251, hovering close to fresh session highs reached at 1.1256 last hour. The main currency pair regains poise and takes on a minor-recovery above 1.12 handle as the persistent risk-averse market conditions continue to underpin the funding currency EUR.The Asian markets dived in the red after investors fretted over looming Brexit concerns, weekend’s Orlando bombings. While increased nervousness as we head into the FOMC decision this week, also added to the risk-off trades.However, the recovery from last week’s sell-off looks fragile as the yield spread remains in favour of the greenback. The benchmark 10-year German bund yields languish near record low of 0.010%, and now look to touch zero in no time.Later today, the broader market sentiment is expected to drive the EUR/USD moves in absence of fundamental triggers amid thin markets.EUR/USD Technical Levels              In terms of technicals, the pair finds the immediate resistance 1.1290/1.1300 (5-DMA/ round number). A break beyond the last, doors will open for a test of 1.1340/50 (1h 100-SMA/ psychological levels). On the flip side, the immediate support is placed at 1.1200 (key support) below which at 1.1134 (Jun 3 Low) could be tested.


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