EUR/USD attempting gains near 1.0560, Trump in focus

The bulls are seen trying hard to regain the bids above the mid-point of 1.05 handle, with EUR/USD hovering close to session tops as we head into the early European trading.

EUR/USD trades around 50-DMA

Currently, the spot trades almost unchanged at 1.0555, having kept the recovery mode intact from session lows previously posted at 1.0536. Over the last hour, the renewed uptick in EUR/USD appears to have lost steam as the greenback continues to remain better bid versus most of its major peers, as the USD bulls remain expectant of some USD positive inputs from Trump’s speech at his news conference scheduled later today.

The presser is expected to be Trump’s first one as a US president-elect, and may provide some clarity on his policy intention and fiscal spending plans in a bid to speed up the US economic growth.

However, the downside may remain cushioned as unnerved markets ahead of Trump’s press conference could boost the funding currency status of the euro. While a latest set of weaker US macro updates seen a day before could also keep any retreat restricted.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0577 (daily pivot). A break beyond the last, doors will open for a test of 1.0600 (zero figure) and from there to 1.0654 (Dec 30 high). On the flip side, the immediate support is placed at 1.0523 (10-DMA) below which 1.0500 (round number) and 1.0486 (20-DMA) could be tested.