EUR/USD Holds Onto Daily Gains

EUR/USD Holds Onto Daily Gains

25 April 2016, 15:20
Roberto Jacobs

EUR/USD Holds Onto Daily Gains

EUR/USD hovers near session highs as the dollar maintains the soft tone at the beginning of the New York session.

The euro shrugged off disappointing German IFO data while the greenback remains on the defensive as investors attention turns to Wednesday's Fed decision. Later on the day, the US docket includes March new home sales data.

EUR/USD advanced to a daily peak of 1.1267, extending a recovery from 1-month lows, but found resistance at the 50-hour SMA and pulled back slightly. At time of writing, the pair is trading at 1.1252, still 0.2% up on the day.

EUR/USD technical levels

As for technical levels, immediate resistances could be found at 1.1266 (Apr 25 high), 1.1308 (Apr 22 high) and 1.1334 (20-day SMA). On the other hand, supports are seen at 1.1214 (Apr 25 low), 1.1185 (50-day SMA) and 1.1144 (Mar 24 low).


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