EUR/USD jumps above 1.06 on the broad based USD sell-off

The offered tone around the US dollar strengthened, pushing the EUR/USD pair to a session high of 1.0612 levels. 

Descending trend line breached

The descending trend line drawn from the Dec 8 high and Dec 30 high has been breached. Dollar sell-off in Asia suggests the currency may have topped out for the near-term. 

The data docket is thin in European and US is light today. Hence, the spot remains at the mercy of the overall market sentiment.

EUR/USD Technical Levels

The spot was last seen trading just above 1.06 handle. A break above 1.0656 (50-DMA) would open the doors to 1.07 (zero figure) and then to 1.0796 (Dec 5 high). On the other hand, a break below 1.0570 (session low) would expose support at 1.05 (zero figure + 10-DMA) and 1.0452 (Dec 21 high).