EUR/USD rises back to test 1.1000

EUR/USD remained above 1.0970 and now is testing the 1.0990 zone. The pair printed a fresh multi-month high, just 1 pip above the previous high at 1.0992. The euro continues to trade near the 1.1000 handle. 

After the release of the NFP the pair dropped to 1.0946 but quickly bounced back above the 20-hour moving average that stands at 1.0975, keeping the bullish tone intact. A break above 1.1000 could lead to an extension of the rally. 

The recent rise of the pair was boosted by a decline of the greenback in the market. The US dollar index dropped below 98.50, hitting the lowest since November. 

Traders are now waiting for the words of FOMC members. Fed's Vice Chair Fischer, San Francisco Fed's Williams and Boston Fed's Rosegren will speak at a panel on "The Structural Foundations of Monetary Policy." 

EUR/USD technical levels 

To the upside, the immediate barrier is seen around 1.10000 (psychological) followed by 1.1055 (Oct 12 & 13 high). On the flip side, support might be located at 1.0975 (20-hour moving average), 1.0945 (daily low) and 1.0905.