6 May 2016
EUR/USD comes down to test 1.1400
The common currency has eroded its earlier gains vs. the dollar, now forcing EUR/USD to test the 1.1400 key support.
EUR/USD holding on to daily gains
The pair manages well to keep the trade above the 1.1400 barrier today, although it remains on its way to close the week with losses in response to a strong rebound of the greenback.
In the meantime, USD has recovered the ground lost following poor Payrolls numbers for the month of April, while it remains underpinned by sentiment, Fedspeak and auspicious results in the US economy seen earlier in the week.
Looking to next week’s calendar, Chinese trade balance results (Sunday) and inflation figures (Tuesday) are poised to drive sentiment during the first half of the week.
EUR/USD levels to watch
The pair is now up 0.04 at 1.1420 and a break above 1.1615 (2016 high May 3) would open the door to 1.1713 (high Aug.24 2015) and finally 1.2110 (2015 high Jan.2). On the other hand, the immediate support lines up at 1.1386 (low May 5) followed by 1.1357 (20-day sma) and finally 1.1213 (low Apr.25).
EUR/USD holding on to daily gains
The pair manages well to keep the trade above the 1.1400 barrier today, although it remains on its way to close the week with losses in response to a strong rebound of the greenback.
In the meantime, USD has recovered the ground lost following poor Payrolls numbers for the month of April, while it remains underpinned by sentiment, Fedspeak and auspicious results in the US economy seen earlier in the week.
Looking to next week’s calendar, Chinese trade balance results (Sunday) and inflation figures (Tuesday) are poised to drive sentiment during the first half of the week.
EUR/USD levels to watch
The pair is now up 0.04 at 1.1420 and a break above 1.1615 (2016 high May 3) would open the door to 1.1713 (high Aug.24 2015) and finally 1.2110 (2015 high Jan.2). On the other hand, the immediate support lines up at 1.1386 (low May 5) followed by 1.1357 (20-day sma) and finally 1.1213 (low Apr.25).