21 May 2015
EUR/USD hovers above 1.1100, immune to US data
FXStreet (Córdoba) - EUR/USD extends its sideways phase at the beginning of the New York session as the latest string of US data failed to trigger decent moves across the board, as investors continue to assess FOMC minutes and await the more important US consumer inflation data due tomorrow.
EUR/USD recovered from below 1.1100 and reached a peak of 1.1180 during the European session, supported by Eurozone data. However, the shared currency failed to hold at highs for long. At time of writing, EUR/USD is trading at the 1.1120 zone, recording a 0.25% gain on the day.
The euro has lost nearly four big figures this week, sliding from a 3-month high of 1.1466 last Friday to a low of 1.1061, weighed by Greek lingering concerns and dovish comments from ECB officials, suggesting the possibility the bank could increase the amount of bond purchases and extend the program beyond September 2016.
EUR/USD technical levels
As for technical levels, EUR/USD could find immediate supports at 1.1061 (May 20 low), 1.0990 (50% retracement of 1.0520 - 1.1466) and 1.0935 (50-day SMA). On the flip side, resistances line up at 1.1180/84 (daily high/20-day SMA), 1.1200 (psychological level) and 1.1245 (10-day SMA).
EUR/USD recovered from below 1.1100 and reached a peak of 1.1180 during the European session, supported by Eurozone data. However, the shared currency failed to hold at highs for long. At time of writing, EUR/USD is trading at the 1.1120 zone, recording a 0.25% gain on the day.
The euro has lost nearly four big figures this week, sliding from a 3-month high of 1.1466 last Friday to a low of 1.1061, weighed by Greek lingering concerns and dovish comments from ECB officials, suggesting the possibility the bank could increase the amount of bond purchases and extend the program beyond September 2016.
EUR/USD technical levels
As for technical levels, EUR/USD could find immediate supports at 1.1061 (May 20 low), 1.0990 (50% retracement of 1.0520 - 1.1466) and 1.0935 (50-day SMA). On the flip side, resistances line up at 1.1180/84 (daily high/20-day SMA), 1.1200 (psychological level) and 1.1245 (10-day SMA).