FXStreet (Mumbai) - The ongoing recovery in the higher-yielding assets such as the stocks, oil, industrial metals appear to weigh on the demand for the safe-havens euro, with EUR/USD now struggling to regain hourly 200-SMA at 1.0887. EUR/USD back in the red as risk-on dominates Currently, the EUR/USD pair trades modestly lower at 1.0883, retreating slightly from fresh session lows struck at 1.0868 at Tokyo open. The main currency pair is seen consolidating its overnight gradual descent above 50-DMA at 1.0862, and awaits the key ECB decision due later today for fresh moves in the euro. The major peaked near 1.0940 region in the last NY session and extended to the downside as risk-off moods cooled-off amid recovery in the US stocks. While in Asia, the EUR/USD pair came under renewed selling pressure as the risk-on market profile returned following the rebound in oil prices, which lifted the sentiment on the Asian equities and thus, diminished the bids for lower-yielding/ safer currencies such as the yen, euro and the Swiss franc. Meanwhile, Japan’s Nikkei rallies +1.60%, Australia’s ASX 200 jumps +1.13%, while the Shanghai Composite index rises +0.56%. Both crude benchmarks rally over 1% to trade above $ 28 mark. Attention now remains on the ECB monetary policy decision and on Draghi’s presser, especially after the recent oil price falls and revival of China slowdown fears. Analyst at ING noted, "As the euro zone currently seems to be in the calm eye of the current storm, and Draghi already had problems uniting the ECB for the December decision, we believe the ECB will keep dry the little powder it has left– at least for this week." EUR/USD Technical Levels In terms of technicals, the pair finds the immediate resistance is seen at 1.0894/ 96 (5-DMA/ daily high). A break beyond the last, doors will open for a test of 1.0946/50 (100-DMA/ psychological levels). On the flip side, the immediate support is placed at 1.0862 (50-DMA), below which 1.0841/33 (daily S1/ Jan 14 Low) could be tested. For more information, read our latest forex news.