FXStreet (Mumbai) - The EUR/USD pair gradually breaks lower from the consolidation phase seen around 1.0850, with markets in search of fresh incentives amid another quiet European session ahead. EUR/USD faces stiff resistance at hourly 100-SMA at 1.0859 Currently, the EUR/USD pair trades -0.06% lower at fresh session lows of 1.0841, eyeing for a test of hourly 50-SMA placed at 1.0825. The main currency pair failed to benefit from the persistent risk-off sentiment in Asia following renewed sell-off in oil prices, and now slowly loses ground as we progress towards the early European trades. The EUR/USD pair remains completely indifferent to the risk-averse conditions, which favours the funding currency EUR. More so, ongoing weakness in the treasury yields on the back of falling expectations of four rate hikes by the Fed this year, also fails to provide impetus to the major. Nothing of note for the EUR in the session ahead, hence, the focus remain on the US data flow due in the NA session. While cautiousness prevails as the Fed is set to begin its 2-day policy meeting later today, with all eyes on the Fed’s comments surrounding the recent market turbulence. EUR/USD Technical Levels In terms of technicals, the pair finds the immediate resistance is seen at 1.0859/66 (1h 100-SMA/ 20-DMA). A break beyond the last, doors will open for a test of 1.0900 (round number). On the flip side, the immediate support is placed at 1.0803 (Jan 13 Low), below which 1.0786/77 (Jan 25 & 21 Low) could be tested. For more information, read our latest forex news.