EUR/USD recedes gains to close bullish gap?

The latest leg upside in the EUR/USD pair lost steam just a whisker away from 1.14 barrier, driving the rate back towards 50-DMA at 1.1300.

EUR/USD reverses from weekly tops

Currently, EUR/USD now gains +0.57% to trade at 1.1340, having posted fresh session lows at 1.1333 last minutes. The main currency pair’s correction from 1.1383 – weekly tops, gained further momentum after the European stocks stormed higher this Monday  amid renewed hopes of Bremain and weighed heavily on the funding currency euro. The weekend’s latest Brexit opinion polls showed votes tilting back towards the ‘Remain’ camp. While the Betfair also lengthened the odds for a Brexit vote scheduled on Thursday, June 23rd.

Meanwhile, the German DAX jumps +3.13%, the UK’s FTSE gallops +2.46% and the pan-European benchmark, the Euro Stoxx 50 leaps +3.30%.

Moreover, aggressive selling pressure seen in the EUR/GBP cross on Bremain-led cable’s flight above 200-DMA, also contributed to the ongoing corrective slide in the major.

Markets ignored the German PPI numbers as the immediate focus now remains on the Buba monthly report release. While the upcoming Brexit polls’ outcome will be closely eyed for fresh direction on the major.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1369/77 (daily R1/ Jun 3 High). A break beyond the last, doors will open for a test of 1.1400 (psychological levels). On the flip side, the immediate support is placed at 1.1300 (50-DMA) below which at 1.1266/42 (20 & 100-DMA) could be tested.