EUR/USD reverses to session low on comments from Fed's Rosengren

Having posted a session high level at 1.1285, the EUR/USD pair erased all of its daily gains and dipped into negative territory amid broad based greenback recovery.

Currently trading around mid-1.1200s, the pair struggled to move back above 1.1300 handle after failing to sustain its ECB inaction-led strength to a two-week high level of 1.1327 touched on Thursday. 

Meanwhile, comments from Federal Reserve Bank of Boston President Eric Rosengren on Friday added on to the recent hawkish rhetoric from various Fed officials and provided an additional boost to the greenback. 

In absence of any major economic releases from the US, the pair might continue to be driven by a broader sentiment surrounding the US Dollar and also take clues from the prevalent risk-appetite around riskier assets - like equities. 

Technical levels to watch

Weakness below 1.1250 area is likely to find support at 100-day SMA near 1.1215 region below which the pair seems vulnerable to head back towards testing the very important 200-day SMA support near 1.1140 level. On the flip side, 1.1300 handle now seems to have emerged as immediate strong resistance, which if cleared decisively should pave way for a retest of August monthly high resistance near 1.1360-65 region before the pair heads towards reclaiming 1.1400 round figure mark.