EUR/USD Extends Gains After US Data, Nears Monthly Highs

EUR/USD Extends Gains After US Data, Nears Monthly Highs

29 April 2016, 15:20
Roberto Jacobs
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EUR/USD Extends Gains After US Data, Nears Monthly Highs

EUR/USD regained the 1.1400 level and climbed to fresh highs at the beginning of the New York session as the greenback took another hit from tame US inflation data.

US personal consumption expenditures price index, the Federal Reserve's preferred inflation measure, rose by a modest 0.1% in March and 0.8% over the year, the Commerce Department said Friday. MEanwhile, personal income rose 0.4% (+0.3% expected) and personal spending increased by 0.1% (+0.2% exp).

EUR/USD rose to its highest level in over two weeks at 1.1430 and it was last trading nearby, recording a 0.68% gain on Friday. The euro was also on track to post a weekly gain, the first in four.

EUR/USD levels to watch

In terms of technical levels, immediate resistances are seen at 1.1413(Apr 29 high), 1.1464 (Apr 14 high) and 1.1494 (Oct 15 2015 high). On the other hand, supports could be found at 1.1333 (20-day SMA), 1.1297 (Apr 28 low) and 1.1274 (Apr 27 low) ahead of 1.1204 (50-day SMA).


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