EUR/USD turns negative near 1.0450, ignores upbeat Ifo

The retreat from daily tops in the EUR/USD pair gains traction in the mid-European session, knocking-off the major in the red zone below the mid-point of 1.04 handle.

EUR/USD shrugs-off upbeat German Ifo, EZ data

Currently, EUR/USD inches -0.07% lower to hover near fresh daily lows of 1.0441, with the bears now eyeing a test of 1.4000 levels. A solid broad recovery staged by the US dollar prompts a fresh sell-off in the EUR/USD pair from around 1.0465 region, seen following the release of upbeat German Ifo surveys.

Hence, its shows that the major continue to remain at the mercy of USD dynamics, having ignored a solid rebound in the German business sentiment and upbeat Eurozone construction output and labor costs data.

Moreover, negative performance on the European equities also failed to lift the sentiment around the funding currency euro, as focus now shifts towards the second-tier data in the US flash services PMI data due later in the NA session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0500 (round figure). A break beyond the last, doors will open for a test of 1.0530 (10-DMA) and from there to 1.0595 (20-DMA). On the flip side, the immediate support is placed at 1.0400 (round number) below which 1.0366 (14-yr low) and 1.0300 (key support) could be tested.