EUR/USD Erases Early Gains, Holds Above 1.1450 Ahead of Euro-Zone PMI
EUR/USD Erases Early Gains, Holds Above 1.1450 Ahead of Euro-Zone PMI
The EUR/USD
pair pared early Asian session gains and moved back to morning opening
level of 1.1465 as investors wait to see the final print of Euro-zone
PMI figures for the month of April.
During Asian session, the
pair extended its upward trajectory and rose to a fresh 2016 high level
before retracing a bit to opening levels. Investors now seem to gear
themselves for a slew of top-tier economic releases scheduled at the
beginning of a new month. On Monday, traders would be eyeing
manufacturing PMI figures from the Euro-zone and US ISM manufacturing
PMI print for fresh trading cues.
Technical levels to watch
A
dip below 1.1450 could be the first signs of profit taking after last
week's sharp up-move and hence, could drag the pair back towards
1.1415-1.1400 resistance break-point turned immediate support. Any
subsequent weakness below this immediate support might get extended, but
is likely to be limited at a strong horizontal support near 1.1370-60
area.
On the upside, Oct. 2015 high level near 1.1480-1.1500
area remains immediate hurdle to clear. A decisive break-through this
immediate resistance seems to assist the pair towards 1.1550-55
horizontal resistance, ahead of its next important psychological mark
resistance near 1.1600 handle.
