EUR/USD stuck in range below 1.1250, Deutsche Bank-news in focus

The EUR/USD pair extends its upside consolidative phase into late-Asia, as the bulls face exhaustion after Friday’s extensive rally backed by renewed optimism surrounding Deutsche Bank.

EUR/USD holds above 1.1215 – key confluence zone

Currently, EUR/USD trades modestly flat at 1.1233, having tested daily highs reached at 1.1244 in the last hour. The main currency pair moves back and forth in 20-pips narrow range so far this session, having ran into offers at 1.1250 – key psychological level on Friday.

The EUR/USD pair witnessed almost 1 big figure rebound last Friday, after reports hit the wires that the German lender Deutsche bank has to pay a less costly fine to the US Department of Justice (DOJ), to the tune of around $ 5.5bln against almost $ 15bln estimated, which eased banking sector worries in the Euroland.

Moreover, the US dollar retreated across the board on Friday, as investors were left unimpressed by mixed US economic data, which reinforced concerns over the Fed’s rate hike prospects this year.

Later today, the major will take cues from a slew of second-tier Eurozone data ahead of the US ISM manufacturing report, as thin trading is likely to persists as the Chinese and German markets remain closed on account of public holiday.  

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1262 (Sept 28 high). A break beyond the last, doors will open for a test of 1.1286 (Sept 15 high) and from there to 1.1300 (round figure). On the flip side, the immediate support is placed at 1.1202 (hourly 200-SMA) below which 1.1145 (static support) and 1.1119 (Sept 21 low) could be tested.