EUR/USD attempts a fresh move beyond 100-DMA ahead of German IFO

   •  Persistent USD weakness helps regain traction.
   •  German IFO business surveys eyed for further bullish impetus. 
   •  Focus remains on the US tax bill vote.

After yesterday's sharp retracement, the EUR/USD pair gained some fresh traction on Tuesday and is now making another attempt to break past 100-day SMA. 

On Monday, the pair did move past the mentioned hurdle by failed to sustain at the higher level and retreated over 50-pips from session tops. The shared currency, however, remained underpinned by the latest German political development, wherein Social Democrats agreed to open coalition talks with Chancellor Angela Merkel and pave the way to end the country's political deadlock. 

Adding to this, persistent US Dollar selling bias, despite the expected passage of US tax cuts this week, revived dip-buying interest and lifted the pair back towards the 1.1800 handle. 

Traders now look forward to the release of German IFO business surveys for fresh bullish impetus. Later during the early NA session, the US housing market data would also be looked upon for some short-term trading opportunities.

Technical levels to watch

Immediate resistance remains near the 1.1830-35 region and is followed by 1.1865 supply zone. A clear break through the mentioned hurdles would negate any near-term bearish bias and pave the way for further near-term appreciating move.

On the flip side, 1.1780-75 zone now seems to have emerged as immediate support, which if broken might drag the pair back towards 1.1745-40 area en-route the 1.1715-10 strong horizontal support.