6 May 2016
EUR/USD steadies above 1.1400 as dust settles
EUR/USD has entered a consolidative phase just above the 1.1400 level as markets begin to quieten following the US nonfarm payrolls report.
EUR/USD spiked to a daily high of 1.1478 right after the release, but USD weakness was short-lived and the pair fell to test 1.1400 before recovering some ground. Having spent the last hours in a limited range, EUR/USD is currently trading at 1.1423, still 0.17% above its opening price.
With the key employment report behind us, trading will likely remain quiet ahead of the weekly close, with the Baker Hughes US oil rig count and consumer credit change scheduled for the rest of the session.
EUR/USD levels to watch
In terms of technical levels, immediate supports are seen at 1.1385 (May 5 low), 1.1355/46 (20-day SMA/Apr 29 low) and 1.1297 (Apr 29 low). On the other hand, resistances line up at 1.1478 (May 6 high), 1.1529 (May 4 high), 1.1615/20 (May 2 & Aug 25 2015 highs) ahead of 1.1638 (100-week SMA).
EUR/USD spiked to a daily high of 1.1478 right after the release, but USD weakness was short-lived and the pair fell to test 1.1400 before recovering some ground. Having spent the last hours in a limited range, EUR/USD is currently trading at 1.1423, still 0.17% above its opening price.
With the key employment report behind us, trading will likely remain quiet ahead of the weekly close, with the Baker Hughes US oil rig count and consumer credit change scheduled for the rest of the session.
EUR/USD levels to watch
In terms of technical levels, immediate supports are seen at 1.1385 (May 5 low), 1.1355/46 (20-day SMA/Apr 29 low) and 1.1297 (Apr 29 low). On the other hand, resistances line up at 1.1478 (May 6 high), 1.1529 (May 4 high), 1.1615/20 (May 2 & Aug 25 2015 highs) ahead of 1.1638 (100-week SMA).