EUR/USD bid above 1.1140

The European currency remains firm on Monday, sending EUR/USD nearly 50 pips higher since overnight troughs in the 1.1100 region.

EUR/USD up on data, short covering

The pair has recovered part of the ground lost following last week’s deep sell-off to overnight lows in the boundaries of the 1.1100 handle, as the upside momentum in the greenback has faded somewhat along with short covering theme benefiting EUR.

Data wise in Euroland, German flash CPI for the month of May have come in pretty much in line with consensus, while EMU’s Economic Sentiment and Business Climate have surpassed estimates.

EUR/USD levels to watch

The pair is now advancing 0.24% at 1.1142 and a break above 1.1176 (100-day sma) would aim for 1.1246 (high May 23) and then 1.1275 (20-day sma). On the other hand, the immediate support lines up at 1.1097 (200-day sma) followed by 1.1055 (low Mar.16) and finally 1.0820 (low Mar.10).