EUR/USD Holds Near Lows, Searching for Catalysts
EUR/USD
continues to waver directionless around the 1.1400 level, unable to set
fresh short-term direction in the absence of news or events.
EUR/USD
stretched to a low of 1.1375 during the European trade, but momentum
was lacking either side of the board and the subsequent bounce was
capped by the 1.1415 area. At time of writing, the pair was trading at
1.1390, just a few pips lower on the day.
The FX market continues
to transit a quiet phase in the absence of new triggers and as
investors assess last Friday’s US nonfarm payrolls report. Data showed
the US economy added 160K new jobs in April, below the 200K expected,
which has raised doubts about an imminent June hike by the Fed.
EUR/USD levels to watch
In
terms of technical levels, immediate supports are seen at 1.1375 (May 9
low), 1.1353/46 (20-day SMA/Apr 29 low) and 1.1297 (Apr 29 low). On the
other hand, resistances line up at 1.1419 (May 9 high), 1.1478 (May 6
high) and 1.1529 (May 4 high).
