EUR/USD: Bulls back in control, 1.1300 on sight

Having bounced-off near 100-DMA support earlier on the day, the EUR/USD pair continues to push higher towards 1.1300 level amid reduced demand for the greenback across the board.

EUR/USD looking to test key resistance at 1.1298/1.1300

Currently, EUR/USD now gains +0.22% to trade at 1.1266, hovering within a striking distance of session tops printed at 1.1270 in the last. The main currency pair caught a bid wave in early Asia and now extends north as markets continue to hope that Britain will vote to stay in the European Union (EU).

Moreover, the recent vertical rise in the German bund yields amid fading Brexit concerns also remain the key catalyst supporting the recovery in the EUR/USD, after booking sharp losses a day before.

On Tuesday, EUR/USD dropped sharply to 100-DMA support as investors took profits from this week's rally ahead of the EU referendum scheduled tomorrow. In the meantime, markets will look forward to the upcoming US macro news and round 2 of Yellen’s testimony for fresh cues on the USD moves.

EUR/USD Technical Levels             

In terms of technicals, the pair finds the immediate resistance 1.1291/98 (5 & 50-DMA). A break beyond the last, doors will open for a test of 1.1350 (psychological levels). On the flip side, the immediate support is placed at 1.1244/37 (100-DMA/ daily low) below which at 1.1200 (round number) could be tested.