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).
