EUR/USD consolidates the dip below 1.0600, ZEW eyed

Having failed once again to survive above 1.06 handle, the EUR/USD pair entered a phase of consolidation just below the last, as the US dollar stalled its renewed upside to waver in a tight range just shy of 101 handle.

The major finds some support from aggressive selling in the treasury yields, which may help the rate to rise back above 1.0600 levels. Moreover, a positive German ZEW print could also provide extra legs to the ongoing minor-recovery seen in the EUR.

The German ZEW economic sentiment for April is expected to improve to 14.0 versus 12.8 seen previously.  Focus also remains on the Eurozone industrial production data and US JOLTS job openings data slated for release later today.

EUR/USD Technical Levels

Technical resistances for the pair are aligned at 1.0600 (zero figure/ 5-DMA), 1.0626/33/53 (100, 10 & 50-DMA) and finally 1.0687/90 (Apr 6 & 5 high). On the flip side, the spot finds next support at 1.0568 (multi-week low), a break below that level could open the door to 1.0533/23 (Mar 8 & 9 low) and 1.0500 (key support).