EUR/USD hovers around 1.1200, broad USD selling underpins

The bid tone behind the euro remains intact in the European session, with the EUR/USD pair flirting with 1.1200 levels, after having surpassed 1.12 handle for the first time post-Brexit vote.

EUR/USD eyes 100-DMA at 1.1226

Currently, EUR/USD jumps +0.32% higher at 1.1199, retreating slightly from fresh six-week highs reached at 1.1208 in the last hour. Huge disappointment over the Japanese stimulus package, triggered heavy sell-off in the USD/JPY pair and thus, sent the greenback sharply lower across the board. Subsequently, the shared currency benefited from broad based US dollar sell-off and finally broke higher above 1.12 barrier.

The EUR/USD pair also remains buoyed this session, as risk-off trades persist in full swing, sending the European stocks sharply lower, and hence, boosting the funding currency EUR. Attention now shifts towards the US core PCE price index and personal spending data lined up for release later in the NA session.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1226 (100-DMA). A break beyond the last, doors will open for a test of 1.1250 (psychological levels). On the flip side, the immediate support is placed at 1.1151/46 (5 & 50-DMA) below which 1.1104 (200-DMA) could be tested.