EUR/USD: Above 50-day MA, holds rising trendline ahead of German ZEW survey release

• EUR/USD holds above 50-day MA and the rising trendline after Draghi's testimony.
• A better-than-expected German ZEW survey would embolden EUR bulls.

The EUR/USD closed above the 50-day moving average (MA) for the first time since April 19 and traded flat-lined around 1.1750 in Asia.

The post-payrolls sell-off in the USD continued on Monday, pushing the EUR/USD to a high of 1.1791. Further, Further, a better-than-expected Eurozone Sentix reading likely added to the bid tone around the EUR.

However, the ascent was short-lived and the pair fell back to 1.1750, possibly due to Draghi's comments that rates would need to stay low for a while.

While the pullback from 1.1791 to 1.1750 is somewhat discouraging, the probability of a move higher to 1.1852 (June 14 high) still remains high as the pair is holding the ascending trendline (drawn from June 28 low and July 2 low).

The common currency will likely pick up a strong bid should the German ZEW survey, due for release at 09:00 GMT, betters estimates.

EUR/USD Technical Levels

Resistance: 1.1791 (previous day's high), 1.1852 (June 14 high), 1.1984 (200-day moving average).

Support: 1.1733 (50-day moving average), 1.17 (psychological level), 1.1668 (10-day moving average).