EUR/USD Advances Further, Closer to 1.15

EUR/USD Advances Further, Closer to 1.15

2 May 2016, 07:43
Roberto Jacobs

EUR/USD Advances Further, Closer to 1.15

The single currency is extending its upside momentum at the beginning of the week, taking EUR/USD to the 1.1480 area.

EUR/USD focus on Draghi, PMIs

After hitting fresh 2016 highs just above 1.1480, the pair has given away some pips and returned to the current 1.1470/65 band, as USD continues to grind lower.

In fact, tracked by the US Dollar Index, the greenback has broken below the key support at the 93.00 handle, levels last seen in August 2015.

Data wise in Euroland, final April’s manufacturing PMIs are due followed by speeches by ECB’s M.Draghi and BuBa’s J.Weidmann. Across the pond, Fed’s Lockhart and Williams are due to speak, while the ISM Manufacturing and Markit’s PMI will take centre stage on the data front.

EUR/USD levels to watch

The pair is now up 0.13% at 1.1468 and a break above 1.1481 (2016 high May 2) would target 1.1496 (monthly high Oct.15 2015) and finally 1.1713 (high Aug.24 2015). On the flip side, the immediate support aligns at 1.1346 (20-day sma) followed by 1.1213 (low Apr.25) and then 1.1211 (55-day sma).


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