EUR/USD eyes 1.06 amid rising treasury yields

EUR/USD strengthened in Asia and was last seen trading just short of 1.06 levels despite rising Treasury yields. The pair found takers in 5-DMA support of 1.0571 earlier today.

Euro cheers Draghi’s cautious, but upbeat tone

The common currency clocked a high of 1.0615 levels post Draghi’s speech, but trimmed gains to end the day on a positive note at 1.0576. Nevertheless, the Euro remains bid in Asia as markets cheer Draghi’s overall cautious yet positive tone.

German current account surplus due later today is unlikely to have any impact on the EUR pairs today, but could have long-term ramifications. German surplus has been widely criticized by many, including Trump administrations,.

Later in the day, the dollar side of the story may come into play depending on the quality of US wage growth numbers.

EUR/USD Technical Levels

The spot was last seen trading around 1.095. A break above 1.06 would expose 1.0624 (50-DMA), above which the gains could be capped at 1.0666 (100-DMA). On the other hand, a breakdown of support at 1.0569 (10-DMA) could yield a sell-off to 1.0534 (Mar 8 low) and 1.05252 (Mar 9 low).