EUR/USD clings to modest daily gain

EUR/USD is going through a consolidation phase on Monday, having moved slightly off from Friday’s lows, but with the upside capped by the 1.1340 zone.

The dollar was weighed by poor data results, as both the NY Empire State index and the NAHB index coming in below initial estimates. EUR/USD reached a daily peak of 1.1342 before finding resistance and retreating slightly. At time of writing, the pair was trading at 1.1320, still up 0.09% on the day.

Main focus however, remains on Federal Reserve minutes to be published on Friday, as investors search for clues about a possible rate hike in the upcoming meeting.

EUR/USD levels to watch

As for technical levels, immediate resistances line up at 1.1379 (May 13 high), 1.1397 (10-day SMA) and 1.1445 (May 11 high). On the flip side, next supports at 1.1282 (May 13 low), 1.1255 (Apr 26 low) and 1.1214 (Apr 25 low).